Blue Cross Blue Shield of Michigan is reportedly working to sell its AF Group subsidiary, the Insurer reported April 21.
AF Group wrote $2.9 billion in direct premiums in 2024 and is the holding company for multiple companies that provide workers’ compensation and other specialty insurance solutions.
The company was purchased by BCBS Michigan in 1994. Most recently, AF purchased commercial underwriting company AmeriTrust in 2022.
In 2024, BCBS Michigan reported an underwriting loss of $1.7 billion in 2024, resulting in a negative operating margin of -4.2%.
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