American Financial Group
Encyclopedia
American Financial Group Incorporated is a holding company
based in Cincinnati, Ohio
whose primary business is insurance
and investment
s. American Financial Group's purpose is to enable businesses and individuals to manage risk using insurance products and services tailored to meet their specific needs.
American Financial Group's major insurance division operates as the Great American Insurance Company, founded in 1872 and focuses on property and casualty insurance services. Other affiliates and subsidiaries include American Custom, Mid Continent, National Interstate, Republic Indemnity. Additional insurance specialties include (but are not limited to) equine, trucking, executive liability, fidelity and crime, and agri-business. Great American Financial Resources is a wholly owned subsidiary of American Financial Group and supplies a range of annuities, life insurance products and supplemental insurances to individuals and enterprises.
The parent company, AFG, is owned principally by financier Carl Lindner, Jr.
and his family. Carl Lindner is Chairman of the Board of Directors of AFG. The senior Lindner's sons, Carl H. Lindner, III and S. Craig Lindner serve as Co-Chief Executive Officers.
American Financial Group was ranked 486th on the Fortune 500
list in 2004. Through the years American Financial Group has owned a number of subsidiaries, real estate properties, and companies, including The Mountain View Grand Resort & Spa
in Whitefield
, New Hampshire
, The Cincinnatian
in Cincinnati
, Ohio
, The Biltmore
in Coral Gables
, Florida
, Le Pavillon
in New Orleans
, Louisiana
, and the Charleston Harbor Resort & Marina in Charleston
, South Carolina
. Great American Insurance Group partnered with the first professional baseball team, the Cincinnati Reds
, and Hamilton County
to purchase naming rights for Great American Ball Park
.
On December 6, 2006, American Financial sold assets acquired from successors to the dissolution of the Penn Central Railroad including the land under Grand Central Terminal
and the 156 miles (251.1 km) of Metro North
track leading to the New York City
landmark to Argent Ventures
. The company announced in December 2007 that they will combine their offices and move their headquarters to the brand new Great American Insurance Building at Queen City Square
in 2011.
American Financial Group was one of the first publicly traded Fortune 500 companies to make political donations after corporations' freedom of speech rights were expanded to include donations as a result of the Citizens United v. Federal Election Commission
decision. Carl Linder, Jr is a longtime top Republican donor, comfortably donating millions of his personal income to candidates and political action committees,which sent ripples in campaign finance circles during the 2010 mid-term elections. American Financial, of which Linder has a non-majority 42% share, donated $400,000 to the Republican-allied PAC
American Crossroads
.
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
based in Cincinnati, Ohio
Cincinnati, Ohio
Cincinnati is a city in the U.S. state of Ohio. Cincinnati is the county seat of Hamilton County. Settled in 1788, the city is located to north of the Ohio River at the Ohio-Kentucky border, near Indiana. The population within city limits is 296,943 according to the 2010 census, making it Ohio's...
whose primary business is insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
s. American Financial Group's purpose is to enable businesses and individuals to manage risk using insurance products and services tailored to meet their specific needs.
American Financial Group's major insurance division operates as the Great American Insurance Company, founded in 1872 and focuses on property and casualty insurance services. Other affiliates and subsidiaries include American Custom, Mid Continent, National Interstate, Republic Indemnity. Additional insurance specialties include (but are not limited to) equine, trucking, executive liability, fidelity and crime, and agri-business. Great American Financial Resources is a wholly owned subsidiary of American Financial Group and supplies a range of annuities, life insurance products and supplemental insurances to individuals and enterprises.
The parent company, AFG, is owned principally by financier Carl Lindner, Jr.
Carl Lindner, Jr.
Carl Henry Lindner, Jr. was a Cincinnati businessman and one of the world's richest people. According to the 2006 issue of Forbes Magazine's 400 list, Lindner was ranked 133 and was worth an estimated $2.3 billion...
and his family. Carl Lindner is Chairman of the Board of Directors of AFG. The senior Lindner's sons, Carl H. Lindner, III and S. Craig Lindner serve as Co-Chief Executive Officers.
American Financial Group was ranked 486th on the Fortune 500
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
list in 2004. Through the years American Financial Group has owned a number of subsidiaries, real estate properties, and companies, including The Mountain View Grand Resort & Spa
Mountain View House
The Mountain View House -- now called The Mountain View Grand Resort & Spa -- is a historic grand hotel at 120 Mountain View Road in Whitefield, New Hampshire, United States.-History:...
in Whitefield
Whitefield, New Hampshire
Whitefield is a town in Coos County, New Hampshire, USA, in the White Mountains Region. The population was 2,306 at the 2010 census. Situated on the northern edge of the White Mountains, Whitefield is home to the Mount Washington Regional Airport and the White Mountains Regional High...
, New Hampshire
New Hampshire
New Hampshire is a state in the New England region of the northeastern United States of America. The state was named after the southern English county of Hampshire. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Atlantic Ocean to the east, and the Canadian...
, The Cincinnatian
Palace Hotel (Cincinnati, Ohio)
Palace Hotel is a registered historic building in Cincinnati, Ohio, listed in the National Register on March 3, 1980. It is currently known as the "Cincinnatian Hotel".- History :...
in Cincinnati
Cincinnati, Ohio
Cincinnati is a city in the U.S. state of Ohio. Cincinnati is the county seat of Hamilton County. Settled in 1788, the city is located to north of the Ohio River at the Ohio-Kentucky border, near Indiana. The population within city limits is 296,943 according to the 2010 census, making it Ohio's...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, The Biltmore
Coral Gables Biltmore Hotel
The Coral Gables Biltmore Hotel is a luxury hotel in Coral Gables, Florida, United States. It was designed by Schultze and Weaver and was built in 1926 by John McEntee Bowman and George Merrick as part of the Biltmore hotel chain....
in Coral Gables
Coral Gables, Florida
Coral Gables is a city in Miami-Dade County, Florida, southwest of Downtown Miami, in the United States. The city is home to the University of Miami....
, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, Le Pavillon
Le Pavillon Hotel
The Le Pavillon Hotel is a luxury hotel in New Orleans, Louisiana. It was originally named the Denechaud, then for generations was the De Soto Hotel.Le Pavillon was placed on the National Register of Historic Places by the U.S. Department of the Interior in 1991....
in New Orleans
New Orleans, Louisiana
New Orleans is a major United States port and the largest city and metropolitan area in the state of Louisiana. The New Orleans metropolitan area has a population of 1,235,650 as of 2009, the 46th largest in the USA. The New Orleans – Metairie – Bogalusa combined statistical area has a population...
, Louisiana
Louisiana
Louisiana is a state located in the southern region of the United States of America. Its capital is Baton Rouge and largest city is New Orleans. Louisiana is the only state in the U.S. with political subdivisions termed parishes, which are local governments equivalent to counties...
, and the Charleston Harbor Resort & Marina in Charleston
Charleston, South Carolina
Charleston is the second largest city in the U.S. state of South Carolina. It was made the county seat of Charleston County in 1901 when Charleston County was founded. The city's original name was Charles Towne in 1670, and it moved to its present location from a location on the west bank of the...
, South Carolina
South Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
. Great American Insurance Group partnered with the first professional baseball team, the Cincinnati Reds
Cincinnati Reds
The Cincinnati Reds are a Major League Baseball team based in Cincinnati, Ohio. They are members of the National League Central Division. The club was established in 1882 as a charter member of the American Association and joined the National League in 1890....
, and Hamilton County
Hamilton County, Ohio
As of 2000, there were 845,303 people, 346,790 households, and 212,582 families residing in the county. The population density was 2,075 people per square mile . There were 373,393 housing units at an average density of 917 per square mile...
to purchase naming rights for Great American Ball Park
Great American Ball Park
The Great American Ball Park is a Major League Baseball park in Cincinnati, Ohio. It is the home of the National League's Cincinnati Reds. It opened in 2003, replacing the Reds' former home, Cinergy Field, which was known as Riverfront Stadium from its opening in June 1970 until the 1996...
.
On December 6, 2006, American Financial sold assets acquired from successors to the dissolution of the Penn Central Railroad including the land under Grand Central Terminal
Grand Central Terminal
Grand Central Terminal —often incorrectly called Grand Central Station, or shortened to simply Grand Central—is a terminal station at 42nd Street and Park Avenue in Midtown Manhattan in New York City, United States...
and the 156 miles (251.1 km) of Metro North
Metro north
Metro North can refer to either of* Metro-North Railroad, a commuter railroad serving parts of New York and Connecticut in the United States* Dublin Metro#Metro North, a branch of the proposed Dublin Metro, in Dublin, Ireland...
track leading to the New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
landmark to Argent Ventures
Argent Ventures
Argent Ventures is a privately held real estate company based in New York City that owns the land under Grand Central Terminal and the land around 156 miles of Metro-North Railroad railway tracks in the New York City metropolitan area....
. The company announced in December 2007 that they will combine their offices and move their headquarters to the brand new Great American Insurance Building at Queen City Square
Great American Insurance Building at Queen City Square
The Great American Tower at Queen City Square, is a skyscraper in Cincinnati, Ohio. The tower, built by Western & Southern Financial Group, began construction in July 2008 and opened in January 2011 at a cost of $322 million. Half the building is occupied by the heaquarters of the Great American...
in 2011.
American Financial Group was one of the first publicly traded Fortune 500 companies to make political donations after corporations' freedom of speech rights were expanded to include donations as a result of the Citizens United v. Federal Election Commission
Citizens United v. Federal Election Commission
Citizens United v. Federal Election Commission, , was a landmark decision by the United States Supreme Court holding that the First Amendment prohibits government from censoring political broadcasts in candidate elections when those broadcasts are funded by corporations or unions...
decision. Carl Linder, Jr is a longtime top Republican donor, comfortably donating millions of his personal income to candidates and political action committees,which sent ripples in campaign finance circles during the 2010 mid-term elections. American Financial, of which Linder has a non-majority 42% share, donated $400,000 to the Republican-allied PAC
Political action committee
In the United States, a political action committee, or PAC, is the name commonly given to a private group, regardless of size, organized to elect political candidates or to advance the outcome of a political issue or legislation. Legally, what constitutes a "PAC" for purposes of regulation is a...
American Crossroads
American Crossroads
American Crossroads is a 527 organization that has raised and spent tens of millions of dollars to defend and elect Republican candidates to federal office, and was very active in the 2010 U.S. midterm elections. Its president is Steven J. Law, a former United States Deputy Secretary of Labor for...
.