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American Financial Group Inc. Jul 06
Standard & Poors, July 2006
Abstract
Strong competitive position. Strong operating results. Improved financial flexibility and decreased financial leverage. Strong capital adequacy. Occasional special charges and loss reserve additions. The insurance industry is competitive and subject to the underwriting cycle. Asbestos and environmental exposure in the insurance business and in railroad properties. The counterparty credit rating on American Financial Group Inc. (AFG) reflects its operating subsidiaries' strong competitive position in the specialty property/casualty (P/C) sector and, through its indirect 82% ownership in Great American Financial Resources Inc. (GAFRI), the 403(b) annuity market. The rating also reflects strong and improving operating results, improved financial flexibility, and strong capital adequacy in both the P/C and the life insurance groups. Partially offsetting these positive factors are AFG's history of...
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.
Research Type: Full Analysis
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