Financial M&A » By The Online Investor Staff, updated Wed., Apr. 24, 9:06 PM
Recent mergers and acquisitions in the Financial M&A category.
| This Slide: #90 of 100 |
Slide #90. American Financial Group, Inc. — Summit Holding Southeast, Inc.
Acquirer:
American Financial Group, Inc. (NYSE:AFG)
Acquiree:
Summit Holding Southeast, Inc.
Details:
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 subsidiaries and the operations of Great American Insurance Group, Co. is engaged in property and casualty insurance, focusing on commercial products for businesses. Co.'s property and casualty insurance segment includes various sub-segments, which are: property and transportation, which includes agricultural-related, commercial automobile, and property, inland marine and ocean marine; specialty casualty, which includes excess and surplus, executive and professional liability, umbrella and excess liability, and workers' compensation; and specialty financial, which includes fidelity and surety, and lease and loan services.
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Avg. Broker Rec.
 
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Buy (2.71 out of 4) 14th percentile
(ranked lower than approx. 86% of all stocks covered)
Analysts' Target Price: AFG Stock Forecast Based on Zacks ABR data; powered by Xignite |
