American Financial Group to acquire ABA Insurance Services
American Financial Group announced that it has reached a definitive agreement to acquire ABA Insurance Services, or ABAIS, from American Bankers Mutual Insurance, or ABMI. Based in Shaker Heights, Ohio, ABAIS is a provider of D&O and other complementary insurance solutions for banks, small businesses and nonprofit organizations. This acquisition will strengthen Great American's leadership position in targeted Specialty Casualty classes of business. Under the terms of the agreement, American Financial Group will pay ABMI approximately $28M in cash at closing. This business is expected to contribute approximately $50M in net written premiums on an annual basis. The transaction is expected to close in Q4, following customary regulatory approvals.