Summary: American Financial Group Inc. And Operating Subsidiaries Oct 10
Standard & Poors, October 2010
Abstract
The ratings on American Financial Group Inc. (AFG) and its operating insurance subsidiaries reflect the group's very strong operating performance, which results from its strongly positioned portfolio of specialty property/casualty (P/C) commercial lines, annuity, and supplemental life businesses. Very strong capital adequacy that is redundant at the rating and appropriate financial leverage and coverage metrics further support the rating. Partially offsetting these positive factors is the investment portfolio's exposure to adverse economic conditions. Reinsurance recoverable and asbestos and environmental exposures, though well managed, are slightly greater than some similarly rated peers'. In addition, the group's competitive advantage in many segments is more a function of underwriting expertise and focus rather than brand or scale, exposing the segments to heightened competition....
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
American Empire Insurance Co.,Republic Indemnity Co. of America,Annuity Investors Life Insurance Co.,Great American Life Insurance Co. (OH),Great American E&S Insurance Co.,Great American Assurance Co.,Great American Alliance Insurance Co.,American Empire Surplus Lines Insurance Co.,Great American Insurance Co. of New York,Great American Spirit Insurance Co.,Great American Casualty Insurance Co.,Great American Security Insurance Co.,Great American Protection Insurance Co.,Mid-Continent Casualty Co.,Oklahoma Surety Co.,Republic Indemnity Co. of California,Great American Fidelity Insurance Co.,Mid-Continent Insurance Co. (OK),American Financial Group Inc.,Great American Contemporary Insurance Co.,Great American International Insurance Ltd.
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