Great American Ins. Co., a division of American Financial Group, has agreed to sell its Japanese Division to Mitsui Marine & Fire Ins. Co. of America, for $22 million in cash, and the transfer of existing assets and liabilities.
The two companies have had an alliance since 1974, and the transfer provides that Mitsui will assume responsibility for the Japanese Division, which writes primarily commercial and personal p/c for Japanese companies and individuals doing business in the U.S.
AFG President Carl Lindner III stated, “We value the twenty-six year relationship we have had with Mitsui and are pleased that we have reached an agreement which will help both organizations achieve their strategic objectives.”
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