American Financial Group Announces Purchase of Farmers Crop Insurance Alliance
22 9월 2005 - 7:09AM
PR Newswire (US)
CINCINNATI, Sept. 21 /PRNewswire-FirstCall/ -- American Financial
Group, Inc. (NYSE:AFG) Nasdaq today announced that it has executed
a definitive agreement to purchase Farmers Crop Insurance Alliance,
Inc (Farmers) from Farmers Alliance Mutual Insurance Company
(Farmers Alliance). Farmers is a leading provider of multi-peril
crop and crop hail insurance whose gross written premiums in 2004
were approximately $504 million. As part of the AFG organization,
Farmers will continue to do business in all states in which it
currently operates. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO) Under the
agreement, AFG will pay Farmers Alliance $17.5 million in cash at
closing and additional amounts of up to 10% of annual premiums
based on certain retention criteria. While AFG expects to retain a
majority of Farmers' business, there is uncertainty as to the
premiums that ultimately will be retained due to the departure of
several Farmers' employees in the last several months. Carl H.
Lindner III, Co-Chief Executive Officer of AFG, commented, "We are
very pleased to welcome the Farmers Crop Insurance Alliance into
AFG's Great American Insurance Group. Great American has a solid
reputation in the crop insurance industry and the addition of these
insurance professionals is an exciting step forward in this unique
specialty line." Through the operations of the 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 retirement annuities, supplemental
insurance and life products. Great American has been providing
crop-hail coverage since 1925 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 $447 million in 2004. This press release contains
certain statements that may be deemed to be "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. All
statements in this press release not dealing with historical
results are forward-looking and are based on estimates, assumptions
and projections. Examples of such forward-looking statements
include statements relating to: the Company's expectations
concerning market and other conditions, future premiums, revenues
and earnings; and rate increases. Actual results could differ
materially from those expected by AFG depending on certain factors
including but not limited to: changes to the terms of the proposed
transactions, changes in economic conditions including interest
rates, performance of securities, the availability of capital,
regulatory actions, judicial decisions and rulings, tax law
changes, and other changes in market conditions that could affect
any party to the proposed transactions.
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO
http://photoarchive.ap.org/ DATASOURCE: American Financial Group,
Inc. CONTACT: Anne N. Watson, Vice President-Investor Relations of
American Financial Group, Inc., +1-513-579-6652 Web site:
http://www.afginc.com/ http://www.greatamericaninsurance.com/
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