AFG to acquire AIG's Crop Risk Services for $240M; close expected Q3 2023

AMERICAN FINANCIAL GROUP INC

Purchase price $240M cash; CRS 2022 gross written premiums ~$1.2B; seventh largest U.S. multi-peril crop insurer.
Deal expected to close Q3 2023, subject to regulatory approvals; AFG to use cash on hand.
CRS brings ~450 employees; AFG remains #5 U.S. crop insurer combined with existing ~$1.8B GWP division.
Executives cite strategic fit and ability to deploy excess capital; excess capital for buybacks/dividends after close.

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