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Acquisitions | 3 Months Ended
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Mar. 31, 2014
Business Combinations [Abstract] |
Acquisitions | Acquisitions On March 27, 2014, AFG completed a renewal rights agreement with Selective Insurance Company of America to acquire Selective’s pooled public entity book of business for $8 million. At the acquisition date, this book of business had approximately $38 million in in-force gross written premiums. On April 1, 2014, AFG acquired Summit Holding Southeast, Inc. and its related companies (“Summit”), from Liberty Mutual Insurance using cash on hand at the parent company. AFG paid approximately $260 million at closing, which is subject to post-closing adjustments. In addition, AFG made a capital contribution of approximately $140 million, bringing its total capital investment in the Summit business to approximately $400 million. Summit is based in Lakeland, Florida and is a leading provider of specialty workers’ compensation solutions in the southeastern United States, with over $500 million in net written premiums in 2013 and $1.5 billion in assets at the closing date. Summit continues to operate under the Summit brand as a member of AFG’s Great American Insurance Group.

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