American Financial Group, Inc. has reached an agreement to acquire Summit Holdings Southeast, Inc and its related companies from Liberty Mutual Insurance for $250 million.
AFG says Summit, a workers' compensation insurer based in Lakeland, FL, will continue to operate under the Summit brand as a member of AFG's Great American Insurance Group.
AFG's says its total capital investment in Summit will be approximately $400 million, inclusive of a capital contribution by AFG at closing, which is expected to occur “in the first or second quarter of 2014, following customary regulatory approvals.”
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