American Financial Group Inc., based in Cincinnati, Ohio, is acquiring ABA Insurance Services Inc. (ABAIS) from American Bankers Mutual Insurance Ltd. (ABMI).
Based in Shaker Heights, Ohio, ABAIS provides directors and officers (D&O) and other complementary insurance solutions for banks, small businesses and nonprofit organizations, with a history that dates back 30 years. This acquisition will further strengthen Great American’s leadership position in targeted specialty casualty classes of business.
Under the terms of the agreement, AFG will pay ABMI approximately $28 million in cash at closing. This business is expected to contribute approximately $50 million in net written premiums on an annual basis. The transaction is expected to close in the fourth quarter, following customary regulatory approvals.
Following the transaction, ABAIS will continue to operate under the ABAIS brand and will become Great American Insurance Group’s 34th specialty property/casualty (P&C) business unit.
American Financial Group is an insurance holding company with assets over $60 billion. 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 fixed, fixed-indexed and variable-indexed annuities in the retail, broker dealer, financial institutions and registered investment advisor markets. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Co.
Source: American Financial Group
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