Cincinnati, Ohio-based insurer American Financial Group announced today the closing of the sale of its remaining shares in Infinity Property and Casualty Corp. Net proceeds from the sale were $227 million. AFG expects to record an after-tax gain on the sale of approximately $35 million.
In connection with the sale, AFG and IPCC agreed to commute the indemnification of IPCC against certain extracontractual and corporate litigation. The proceeds of the sale will be available to provide capital to grow the company’s specialty business, to reduce financial leverage and for other corporate purposes.
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 annuities, life and supplemental health insurance products.
Was this article valuable?
Here are more articles you may enjoy.
The Battle Over J&J’s Bankruptcy Plan to End Talc Lawsuits 
Hurricane Beryl: Insurers See Minimal Impact, Brace for Active Season 
Wall Street Pushes Back After Activists Escalate Protests 
What Happened to Reinsurance ‘Class of 2023’? Hard Market Defies Age-Old Patterns. 
