Company Overview

American Financial Group (AFG) sells specialty property and casualty insurance, tax-deferred annuities, and certain life and health insurance products. AFG sells flexible and single-premium deferred annuities through its subsidiary, Great American Financial Resources. Chairman Carl Lindner and his family own 35 percent of AFG (they’re also the controlling owners of Chiquita Brands International). Great American recently underwent a reorganization. In early 2003, it spun off its property and casualty and related subsidiaries in a public offering, allowing the company to focus on its specialty lines of insurance, such as workers' comp, marine, and crop insurance. Great American also sold off its direct personal auto insurance business. It also merged two of its holding company subsidiaries into AFG, cutting costs in the process. Through subsidiaries, the company runs other businesses including The Golf Center at Kings Island in the greater Cincinnati area and commercial real estate holdings in Cincinnati, as well as in Austin, Texas; Charleston, South Carolina; Chesapeake Bay; New Orleans; Palm Beach, Florida; and elsewhere. Papa Lindner, who is also part owner of the Cincinnati Reds, stepped down as CEO in 2005 and was succeeded by two of his sons, Carl Lindner III and Craig Lindner, who share the CEO position.