FORM 4

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utilities Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

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(Print or Type Responses)

1.  Name and Address of Reporting Person   American Financial Group, Inc.

2.  Issuer Name and Ticker or Trading Symbol   INFINITY PROPERTY & CASUALTY CORPORATION (IPCC)

6.  Relationship of Reporting Person to Issuer                (Check all applicable)

(Last)                   (First)                  (Middle)   One East Fourth Street

3. IRS Identification,   Number of Reporting   Person, if an entity (Voluntary)

4.Statement forMonth/Day/Year   March 12, 2003

Director

X  10% Owner

Officer (give      title below)

Other (specify            below)

(Street)   Cincinnati,   Ohio     45202

31-1544320

5. If Amendment,    Date of Original    (Month/Day/Year)

7. Individual or Joint/Group Filing (Check Applicable Line)  X Form filed by One Reporting Person     Form filed by More than One Reporting PersonForm filed by One Reporting Person     Form filed by More than One Reporting Person

(City)                    (State)                     (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of or Beneficially Owned

1.  Title of Security      (Instr. 3)

2. Trans- action Date

2A. Deemed Execution Date, if any

3. Trans- action Code (Instr. 8)

4.  Securities Acquired (A) or Disposed of (D) (Instr. 3,4 and 5)

5. Amount of Securities Beneficially Owned

6. Owner- ship Form: Direct

7. Nature of In- Direct Bene-

(Month/ Day/ Year)

(Month/ Day/ Year)

Code

V

Amount

(A) or (D)

Price

Following Reported Transactions (Instr. 3 and 4)

(D) or Indirect (I) (Instr. 4)

Ficial Owner- ship (Instr. 4)

Common Stock

3/12/03

J(1)

118,618

D

$16.00

7,850,465

I

(2)

Reminder:  Report on a separate line for each class of securities beneficially owned directly or indirectly.                                              Over 
*If the form is filed by more than one reporting person, see Instruction 4(b)(v)                                                              SEC 1474 (9-02) 

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FORM 4  (continued)                                                                        Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1.  Title of Derivative Security   (Instr. 3)

2. Conver- sion or| Exercise Price of Deriv- ative

3.  Trans- action Date

3A  Deemed Execution Date, if any

4. Transac- tion Code (Instr. 8)

5. Number of Deriv- ative Securities Ac- quired (A) or Dis- posed of (D) (Instr. 3, 4 and 5)

6.  Date Exercisable and Expiration Date (Month//Day/Year)

7.  Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Deriv- ative ecuri- ty

9.  Number of Deriv- ative Secur- ities Bene-

10. Owner- ship Form of De- rivative Secur

11. Nature of In- direct Bene- ficial Owner-

Security

(Month/ Day/ Year)

(Month/ Day/ Year)

Date

Expiration

Amount or

(Instr. 5)

icially Owned at End of

Ity Direct (D) or Indi-

Ship (Instr. 4)

Code

V

(A)

(D)

Exercisable

Date

Title

Number of Shares

Month (Instr. 4)

rect (I) (Instr. 4)

Explanation of Responses:

(1)   Shares sold as over allotment of the Initial Public Offering of infinity Common Stock.(2)   American Premier Underwriters, 100% owned subsidiary of American Financial Group, Inc.

                                                                                                                                              AMERICAN FINANCIAL GROUP, INC.

**Intentional misstatements or omissions of facts constitute Federal Criminal violations	By:         Karl J. Grafe ________                        March 12, 2003
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)	** Signature of Reporting PersonDate
	Karl J. Grafe, Secretary
Note:  File three copies of this Form, one of which must be manually signed	Page 2
If space provided is insufficient, see Instruction 6 for procedure	SEC 1474 (3/91)