American Financial Group
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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.
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The Ohio-based giant is the latest publicly listed insurer to divest part of its life operation.
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Nwankwo is the founder of one of the largest minority-owned businesses in the Cincinatti area.
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The insider replaces Jeff Consolino, who left to become CEO of StarStone US after a private-equity-backed buy-in.
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AFG subsidiary Great American was the fifth largest multiperil crop insurer in the US in 2019, according to data from the Insurance Information Institute.
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The carrier also recognized $105mn of Covid-related losses and upgraded EPS guidance.
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Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.
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The company has cut its expected full-year EPS by roughly 26 percent.
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The S&P 500 insurance industry index rose by 2.8 percent as lawmakers neared a vote on a coronavirus economic relief package.
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AIG gains 19 percent, outstripping a 12 percent increase on the S&P 500 insurance industry index.
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AFG delivered $2.22 in operating EPS, roughly even with consensus analyst estimates of $2.21.
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