Shearman & Sterling advised Accident Fund Insurance Company of America, (AFICA), a stock property and casualty insurance company organized under the laws of the state of Michigan, in connection with its offering of $350 million in aggregate principal amount of AFICA's 8.500% Surplus Notes due 2032 pursuant to Rule 144A and Regulation S.
J.P. Morgan acted as the sole book-running manager and initial purchaser. The net proceeds from the offering increased AFICA's cash balance, which is intended to be used to finance a portion of the consideration payable in connection with AFICA's acquisition of AmeriTrust Group, Inc. and certain of its holding companies and subsidiaries from Miracle Nova (UK) Limited, and its parent Fosun International Limited, and to pay related fees and expenses, and for general corporate purposes. Shearman & Sterling also represents AFICA in connection with the AmeriTrust acquisition.
AFICA provides its wide range of insurance and related services in all 50 states of the United States and the District of Columbia, directly or through its subsidiaries. As of June 30, 2022, AFICA was partnered with over 2,500 independent sales agencies, and had approximately 1,500 full-time employees. AFICA is an indirect wholly owned subsidiary of Blue Cross Blue Shield of Michigan Mutual Insurance Company.
The Team