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Subsequent Event
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Event Subsequent EventOn May 2, 2023, AFG announced that it has entered into a definitive agreement whereby AFG will purchase Crop Risk Services (“CRS”) from American International Group (“AIG”). CRS is a primary crop insurance general agent based in Decatur, Illinois, with crop year 2022 gross written premiums of approximately $1.2 billion and was the seventh largest provider of multi-peril crop insurance in the United States based on 2022 premiums. Under the terms of the transaction, AFG will pay AIG approximately $240 million (which includes an estimated $30 million in net tangible assets) in cash at closing. AFG expects to use cash on hand to fund the acquisition and the parties anticipate the closing to take place during the third quarter of 2023, subject to obtaining required regulatory approvals and the satisfaction of other customary closing conditions.AFG’s Great American Insurance Company has been providing crop-hail coverage since 1915 and began writing multi-peril crop insurance in 1980 after Congress authorized the program. Great American’s existing Crop Division generated gross written premiums of approximately $1.8 billion in 2022 and was the fifth largest provider of multi-peril crop insurance in the United States. As part of the AFG organization, CRS will continue to do business in all 37 states in which it currently operates.