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Slide #90. American Financial Group, Inc. — Summit Holding Southeast, Inc.
American Financial Group, Inc. (NYSE:AFG)
Summit Holding Southeast, Inc.
American Financial Group, Inc. (NYSE/NASDAQ:AFG) announced today that it completed the purchase of Summit Holding Southeast, Inc. and its related companies (together, "Summit"), from Liberty Mutual Insurance in an all-cash transaction. AFG paid Liberty Mutual Insurance approximately $260 million at closing. In addition, AFG made a capital contribution of approximately $140 million, bringing its capital investment in Summit to approximately $400 million. AFG did not use any external financing in the acquisition. Summit's results of operations will be included in AFG's consolidated results for nine months of 2014, commencing with the beginning of the second quarter.
American Financial Group is a holding company. Through its subsidiary, Great American Insurance Group, Co. is engaged primarily in property and casualty insurance, focusing on commercial products for businesses, and in the sale of fixed, fixed-indexed and variable-indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets. Co.'s property and casualty insurance segments consist of property and transportation, specialty casualty, and specialty financial. Co.'s annuity segment is focused on the sale of fixed and indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets.
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Buy (3.00 out of 4)