American Financial Group Announces Sale of its Remaining Share in Infinity Property and Casualty Corporation
18 12월 2003 - 4:32AM
PR Newswire (US)
American Financial Group Announces Sale of its Remaining Share in
Infinity Property and Casualty Corporation CINCINNATI, Dec. 17
/PRNewswire-FirstCall/ -- American Financial Group, Inc. announced
today the closing of the sale of its remaining shares in Infinity
Property and Casualty Corporation . 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. Forward Looking Statements 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. Actual results could
differ materially from those expected by AFG depending on certain
factors including but not limited to: changes in economic
conditions including interest rates, performance of securities
markets, and the availability of capital, regulatory actions,
changes in legal environment, judicial decisions and rulings, tax
law changes, and other changes in market conditions that could
affect AFG's insurance operations. 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.amfnl.com/ http://www.greatamericaninsurance.com/
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