American Financial Group
-
Gross written premiums jumped 6% in Q1 to $1.6bn.
-
The next few years could prove to be more active in consolidation than normal for underwriters.
-
Lindner signaled caution about taking on too much of a “fixer upper”.
-
Renewal pricing was the highest in 15 years across the carrier’s $1.7bn premium P&C unit.
-
The Ohio-based giant is the latest publicly listed insurer to divest part of its life operation.
-
Nwankwo is the founder of one of the largest minority-owned businesses in the Cincinatti area.
-
The insider replaces Jeff Consolino, who left to become CEO of StarStone US after a private-equity-backed buy-in.
-
AFG subsidiary Great American was the fifth largest multiperil crop insurer in the US in 2019, according to data from the Insurance Information Institute.
-
The carrier also recognized $105mn of Covid-related losses and upgraded EPS guidance.
-
Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.
-
The company has cut its expected full-year EPS by roughly 26 percent.
-
The S&P 500 insurance industry index rose by 2.8 percent as lawmakers neared a vote on a coronavirus economic relief package.
