Cincinnati-based American Financial Group Inc. (AFG) said it has entered into a definitive agreement to purchase Strategic Comp Holdings, LLC. Terms of the deal were not released.
Strategic Comp, headquartered in Metairie, La., is a provider of workers' compensation programs offering a combination of loss control, claims management and deductible-based options for midsize to large commercial accounts. The company is expected to produce approximately $30 million of workers' comp premium in 2007, AFG said.
Carl Lindner III, co-chief executive officer of AFG, said in a statement that the acquisition formalizes and extends its long-standing relationship with Strategic Comp. He said the acquisition supports AFG's objective to expand its penetration into the workers' comp market and increase geographic coverage.
AFG is a property-casualty insurer focusing on specialized commercial products for businesses. It also deals in the sale of traditional fixed, indexed and variable annuities and a variety of supplemental insurance products.
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