American Financial Group, Inc. and Its Insurance Operations Receive Rating Upgrades from S&P
CINCINNATI, Oct 06, 2010 (BUSINESS WIRE) -- Yesterday Standard & Poor's Rating Services raised its financial strength ratings for AFG's core insurance subsidiaries to 'A+' from 'A'. At the same time, S&P raised its counterparty credit rating on American Financial Group to 'BBB+' from 'BBB'. The outlook on all of these companies is stable.
These ratings upgrades reflect Standard & Poor's assessment of the insurance group's strong operating performance, led by the underwriting performance of AFG's P&C segment, which compares favorably with industry-leading peers. Additionally, S&P cited the strong performance of AFG's Annuity and Supplemental Insurance operations in lending diversification to its specialty property and casualty businesses. Strong capital adequacy and appropriate financial leverage and coverage metrics were also noted in supporting these ratings upgrades.
Companies Receiving S&P Rating Upgrade:
Great American Insurance Co. and Pool subsidiaries
American Empire Surplus Lines Insurance Co. and Pool subsidiary
Republic Indemnity Co. of America and Pool subsidiary
Mid-Continent Casualty Co. and Pool subsidiaries
Great American International Insurance Ltd.
Great American Life Insurance Co.
Annuity Investors Life Insurance
Carl H. Lindner III and S. Craig Lindner, Co-Chief Executive Officers of AFG, issued this statement, "We are pleased to see the efforts of our management team and employees recognized with these ratings upgrades."
American Financial Group is an insurance holding company, based in Cincinnati, Ohio with assets in excess of $30 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 traditional fixed, indexed and variable annuities and a variety of supplemental insurance products. Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
AFG's common stock is listed and traded on the New York Stock Exchange and the NASDAQ Global Select Market under the symbol AFG.
SOURCE: American Financial Group, Inc.