American Financial Group Inc., based in Cincinnati, Ohio, is acquiring ABA Insurance Services Inc. (ABAIS) from American Bankers Mutual Insurance Ltd. (ABMI).
ABAIS, based in Shaker Heights, Ohio, offers managers and officers (D & O) and other complementary insurance solutions dating back 30 years for banks, small businesses and non-profit organizations. This acquisition will further strengthen Great American leadership in targeted private work accident classes.
According to the terms of the agreement, AFG will pay approximately $ 28 million in cash at the closing of ABMI. This work is expected to contribute about $ 50 million in net written premiums on an annual basis. Following regular regulatory approvals, the transaction is expected to close in the fourth quarter.
Following the transaction, ABAIS will continue to operate under the brand ABAIS and become the 34th private property / accident (P & C) business unit of the Big American Insurance Group.
American Financial Group is an insurance holding company with over $ 60 billion in assets. With the operations of the Great American Insurance Group, AFG is primarily involved in retail and brokerage, financial sale of property and accident insurance, focusing on company-specific commercial products and fixed, fixed-indexed and variable indexed pensions. institutions and registered investment advisory markets. The roots of the Great American Insurance Group date back to 1872 as the founder of the flagship company Great American Insurance Co.
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