Cincinnati, Ohio-based insurer American Financial Group announced today the closing of the sale of its remaining shares in Infinity Property and Casualty Corp. Net proceeds from the sale were $227 million. AFG expects to record an after-tax gain on the sale of approximately $35 million.
In connection with the sale, AFG and IPCC agreed to commute the indemnification of IPCC against certain extracontractual and corporate litigation. The proceeds of the sale will be available to provide capital to grow the company’s specialty business, to reduce financial leverage and for other corporate purposes.
Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of annuities, life and supplemental health insurance products.
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