Last Updated: March 25, 2026
Information on the Proposed Acquisition of Control of United Wisconsin Insurance Company and Third Coast Insurance Company by Fancourt Acquisition, LLC, Starstone Finance Limited, Cavello Bay Reinsurance Limited, Kenmare Holdings LTD., Enstar Group Limited, Elk Bidco Limited, Elk Parent Limited, Elk Intermediate Holdings, LLC, Elk Topco, LLC, Elk Insurance Holdings, LLC, Jennifer Gordan, and A. Michael Muscolino
On March 20, 2026, William J. Toman, transaction counsel, submitted a Form A filing, in the matter of the acquisition of control of United Wisconsin Insurance Company (UWIC) and Third Coast Insurance Company (TCIC, and together with UWIC the “Domestic Insurers") by Fancourt Acquisition, LLC (Buyer), Starstone Finance Limited (SFL), Cavello Bay Reinsurance Limited (Cavello Bay), Kenmare Holdings LTD. (Kenmare), Enstar Group Limited (Enstar), Elk Bidco Limited (Elk Bidco), Elk Parent Limited (Elk Parent), Elk Intermediate Holdings, LLC (Elk Intermediate), Elk Topco, LLC (Elk Topco), Elk Insurance Holdings, LLC (Elk Insurance Holdings), Jennifer Gordon, and A. Michael Muscolino (together the “Applicants"). Pursuant to a stock purchase agreement dated February 12, 2026, between Buyer, Enstar, Emergent Holdings, Inc. (Seller) and Blue Cross Blue Shield of Michigan Mutual Insurance Company (Seller Parent), all issued and outstanding shares of Accident Fund Holdings, Inc. (Accident Fund) will be sold by Seller to Buyer. Accident Fund is the direct parent of Accident Fund Insurance Company of America, who in turn is the direct parent of the Domestic Insurers. The base purchase price of the proposed transaction is $1.59 billion.
As required by Wisconsin law, a Public Hearing is required concerning this application for change of control.
Public Comment
Interested parties are encouraged to submit written Comments to OCI at any time prior to the public hearing. Written comments may be emailed to OCI at: OCICompanyLicensing@wisconsin.gov. Please include the transaction title in the subject line of the email. Comments received are public record and will be posted to this webpage.
Filings
- Transmittal Letter
- Form A Filing
- Redacted Stock Purchase Agreement [UNDER REVIEW]
- Unredacted Stock Purchase Agreement [Confidential]
- List of Directors and Officers of the Applicants
- Audited Financial Statements for the Year Ended December 31, 2025 for Elk Topco
- Audited Financial Statements for the Years Ended December 31, 2024, 2023, 2022, 2021, and 2020 and the Unaudited Balance Sheet and Income Statement for the year ended December 31, 2025 for Cavello Bay
- Audited Financial Statements for the Year Ending December 31, 2025 and Annual Reports on Form 10-K for the Years Ended December 31, 2024, 2023, 2022, and 2021 for Enstar
- Form AA – Cavello Bay Reinsurance Limited
- Form AA – Elk Bidco Limited
- Form AA – Elk Insurance Holdings, LLC
- Form AA – Elk Intermediate Holdings, LLC
- Form AA – Elk Parent Limited
- Form AA – Elk Topco, LLC
- Form AA – Enstar Group Limited
- Form AA – Jennifer Gordon
- Form AA – Fancourt Acquistion, LLC
- Form AA – Kenmare Holdings Ltd.
- Form AA – A. Michael Muscolino
- Form AA – Starstone Finance Limited
- Confidential Supplement Cover Letter
- Biographical Affidavits [CONFIDENTIAL] [NOT YET PROVIDED]
- Three Year Financial Projections for UWIC [CONFIDENTIAL]
- Three Year Financial Projections for TCIC [CONFIDENTIAL]
- AF Group Business Plan [CONFIDENTIAL]
- Confidential Letter to OCI Dated March 20, 2026 [CONFIDENTIAL]
- Elk Topco, LLC Amended and Restated LLC Operating Agreement [CONFIDENTIALITY REQUEST UNDER REVIEW]
- Abbreviated Post Transaction Organizational Chart [CONFIDENTIALITY REQUEST UNDER REVIEW]
- Pre Transaction Organizational Chart [CONFIDENTIALITY REQUEST UNDER REVIEW]
- Post Acquisition Organizational Chart [CONFIDENTIALITY REQUEST UNDER REVIEW]
- Elk Topco Board of Directors Nomination Rights and Weighted Voting Mechanism [CONFIDENTIALITY REQUEST UNDER REVIEW]
- Commitment Letter and Term Sheet [CONFIDENTIALITY REQUEST UNDER REVIEW]
- Unaudited Financial Statements for the Years Ended December 31, 2025, 2024, 2023, 2022, and 2021 for Kenmare [CONFIDENTIALITY REQUEST UNDER REVIEW]
- Audited Financial Statements for the Years Ended December 31, 2024, 2023, 2022, 2021, and 2020 and Unaudited Balance Sheet and Income Statement for the Year Ended December 31, 2025 for SFL [CONFIDENTIALITY REQUEST UNDER REVIEW]
Hearing Documents
- Notice of Hearing Notification
- Notice of Hearing
- List of Exhibits
- Recommendation Memo
Proposed Decision
- Proposed Decision Notification
- Proposed Decision
- Waiver of Right to Object – Domestic Insurer
- Waiver of Right to Object – Applicants
Final Decision
- Final Decision Notification
- Final Decision