American Financial Group and American International Group Announce Completion of AFG’s Purchase of Crop Risk Services from AIG
03 Julio 2023 - 12:30PM
Business Wire
American Financial Group, Inc. (NYSE: AFG) and American
International Group, Inc. (NYSE: AIG) announced today that AFG
completed the purchase of Crop Risk Services (“CRS”) from AIG.
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CRS is a primary crop insurance general agent based in Decatur,
Illinois, and the seventh largest provider of multi-peril crop
insurance in the United States, based on 2022 premiums. American
Financial Group’s Great American Insurance Group has been providing
crop-hail coverage since 1915 and began writing multi-peril crop
insurance in 1980 after Congress authorized the program. Great
American’s Crop Division generated gross written premiums of
approximately $1.8 billion in 2022 and is the fifth largest
provider of multi-peril crop insurance in the United States.
Following the transaction, Great American will remain the #5 ranked
writer of U.S. crop insurance and the largest U.S.-owned
participant in the United States multi-peril crop insurance
program.
Skadden, Arps, Slate, Meagher & Flom LLP acted as legal
counsel for AFG. Evercore Group L.L.C. and Sidley Austin LLP acted
as financial advisor and legal counsel, respectively, for AIG.
About American Financial Group,
Inc.
American Financial Group is an insurance holding company, based
in Cincinnati, Ohio. Through the operations of Great American
Insurance Group, AFG is engaged primarily in property and casualty
insurance, focusing on specialized commercial products for
businesses. Great American Insurance Group’s roots go back to 1872
with the founding of its flagship company, Great American Insurance
Company.
About AIG
American International Group, Inc. (AIG) is a leading global
insurance organization. AIG member companies offer insurance
solutions that help businesses and individuals in approximately 70
countries and jurisdictions protect their assets and manage risks.
AIG common stock is listed on the New York Stock Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGinsurance
www.twitter.com/AIGinsurance | LinkedIn:
www.linkedin.com/company/aig. These references with additional
information about AIG have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries and jurisdictions, and coverage is subject to
underwriting requirements and actual policy language. Non-insurance
products and services may be provided by independent third parties.
Certain property-casualty coverages may be provided by a surplus
lines insurer. Surplus lines insurers do not generally participate
in state guaranty funds, and insureds are therefore not protected
by such funds.
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version on businesswire.com: https://www.businesswire.com/news/home/20230703714254/en/
AFG Contact: Diane P. Weidner, IRC
Vice President – Investor & Media Relations dweidner@amfin.com
(513) 369-5713 AIG Contacts: Quentin
McMillan (Investors) quentin.mcmillan@aig.com Dana Ripley (Media)
dana.ripley@aig.com Websites:
www.AFGinc.com www.GreatAmericanInsuranceGroup.com www.AIG.com
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