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American Financial to buy workers comp insurer Summit

American Financial to buy workers comp insurer Summit

Cincinnati-based American Financial Group Inc. has agreed to acquire workers compensation insurer Summit Holdings Southeast Inc. from Liberty Mutual Holding Co. Inc. for $250 million, AFG said Thursday.

The acquisition, expected to close in the first or second quarter of this year, will be an all-cash transaction with no external financing, AFG said in a statement.

Lakeland, Fla.-based Summit writes about $520 million in annual workers comp premiums in the southeastern United States, AFG said in the statement. The company will continue to operate under the Summit name as part of AFG's Great American Insurance Group unit.

The insurer plans to invest about $400 million in Summit's operations, according to the statement.

“Summit has an excellent long-term track record of underwriting outperformance,” AFG Co-CEO Carl H. Lindner III said in the statement. “We value its underwriting discipline, talented management team and value-based service model. Their business model fits well with our (property/casualty group's) strategic focus and complements our Great American Insurance Group specialty workers compensation offerings available through our other specialty P/C businesses.”