Profile: American Financial Group Inc (AFG)
17 Nov 2017
American Financial Group, Inc. (AFG), incorporated on July 1, 1997, is a holding company engaged primarily in property and casualty insurance businesses. The Company, through Great American Insurance Group, focuses on commercial products for businesses, and is engaged in the sale of fixed and fixed-indexed annuities in the retail, financial institutions and education markets. The Company has four segments: Property and casualty insurance, Annuity, Run-off long-term care and life, and Other. As of December 31, 2016, AFG's property and casualty operations provided a range of commercial coverages through over 30 insurance businesses. AFG's property and casualty insurance operations allow local decision-making for underwriting, claims and policy servicing.
The Company reports its property and casualty insurance business in specialty sub-segments, including Property and transportation, Specialty casualty and Specialty financial. It offers property and transportation insurance products for Inland and Ocean Marine, which provides coverage for builder's risk, contractor's equipment, property, motor truck cargo, marine cargo, boat dealers, marina operators/dealers and excursion vessels; Agricultural-related, which provides federally reinsured multi-peril crop (allied lines) insurance covering most perils, as well as crop-hail, equine mortality and other coverages for full-time operating farms/ranches and agribusiness operations on a nationwide basis, and Commercial Automobile, which offers coverage for vehicles, such as buses and trucks in a range of businesses, including the moving, and storage and transportation industries, and a physical damage product for the trucking industry.
The Company's Specialty Casualty insurance products include Executive and Professional Liability, which markets coverage for directors and officers of businesses and non-profit organizations, errors and omissions, and provides medical malpractice insurance; Umbrella and Excess Liability, which provides liability coverage in excess of primary layers; Excess and Surplus, which provides liability, umbrella and excess coverage for volatile or hard to place risks, using rates and forms that do not have to be approved by state insurance regulators; General Liability, which provides coverage for contractor-related businesses, energy development and production risks, and environmental liability risks; Targeted Programs, which includes coverage (primarily liability and property) for social service agencies, leisure, entertainment and non-profit organizations, solutions for other targeted markets and alternative risk programs using agency captives, and Worker's Compensation, which provides coverage for prescribed benefits payable to employees injured on the job. The Company's specialty financial insurance includes Fidelity and Surety, which provides fidelity and crime coverage for government, mercantile and financial institutions and surety coverage for various types of contractors, and public and private corporations, and Lease and Loan Services, which provides coverage for insurance risk management programs for lending and leasing institutions, including equipment leasing and collateral, and lender-placed mortgage property insurance.
AFG sells traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets through independent producers and through direct relationships with certain financial institutions. As of December 31, 2016, AFG sold its single premium annuities, excluding financial institution production, primarily through a retail network of approximately 55 national marketing organizations (NMOs) and managing general agents (MGAs). AFG also sells single premium annuities in financial institutions through direct relationships with certain banks and through independent agents and brokers. The Company was engaged in servicing and receiving renewal premiums on its in-force block of approximately 116,000 policies in force, as of December 31, 2016. Through its subsidiaries, AFG is engaged in a range of other operations, including commercial real estate operations in Cincinnati (office buildings and The Cincinnatian Hotel); Whitefield, New Hampshire (Mountain View Grand Resort); Chesapeake Bay (Skipjack Cove Yachting Resort and Bay Bridge Marina); Charleston (Charleston Harbor Resort and Marina); Palm Beach (Sailfish Marina and Resort); greater Chicago (KeyLime Cove Indoor Waterpark Resort), and apartments in Pittsburgh.
The Company competes with Alleghany Corp., American International Group Inc., American National Insurance Company, AmTrust Financial Services, Inc., Arch Capital Group Ltd., Baldwin & Lyons, Inc., Chubb Ltd., Cincinnati Financial Corp., CNA Financial Corp., Fairfax Financial Holdings Ltd., The Hartford Financial Services Group, Inc., Ironshore Insurance Ltd., Lancer Insurance Company, Liberty Mutual, Markel Corp., Munich Re Group, RLI Corp., The Travelers Companies Inc., Tokio Marine Holdings, Inc., W.R. Berkley Corp., XL Group Plc, Zurich Financial Services Group, Allianz Life Insurance Company of North America, American Equity Investment Life Holding Company, Athene Holding Ltd, Global Atlantic Financial Group Ltd., Lincoln National Corp., MetLife, Inc., Nationwide Mutual Insurance Company, Pacific Life Insurance Company, Sumitomo Life Insurance Company and Voya Financial.
American Financial Group Inc
301 E 4th St
CINCINNATI OH 45202-4245
Company Web Links
- BRIEF-American Financial Group announces notice of redemption of 9-7/8pct senior notes
- BRIEF-American Financial Group announces offering of $365 mln of senior notes
- BRIEF-American Financial Group Inc declares special dividend
- BRIEF-American Financial Group reports Q3 earnings per share $0.13
- BRIEF-American Financial Group increases quarterly dividend by 12 percent