AFG To Close Sale Of Remaining Infinity Shares
NU Online News Service, Dec. 18, 3:19 p.m. EST?American Financial Group Inc. announced the closing today of the sale of its remaining shares in Infinity Property and Casualty Corp., with an after-tax gain of some $35 million for American Financial.[@@]
Infinity went public on the NASDAQ Market last February, but prior to its initial public offering, it was owned by Cincinnati-based American Financial Group. Based in Birmingham, Ala., Infinity is currently the second-largest writer of policies for high-risk drivers in the United States, behind Progressive Corp. in Mayfield Village, Ohio.
American Financial said proceeds from the sale will provide further capital to grow the company's specialty business and help reduce financial leverage, as well as for other corporate purposes.
American Financial, through operations of Great American Insurance Group, offers primarily property-casualty insurance and focuses on specialized commercial products for businesses. It also offers annuities, life and supplemental health insurance products.
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