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Subsequent Event
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Event Subsequent EventOn July 3, 2023, AFG completed the acquisition of 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. At closing, AFG paid AIG approximately $235 million (based on an estimated $25 million in net tangible assets) using cash on hand. The sale is subject to post-closing adjustments which are expected to be finalized during the third quarter of 2023. The purchase price in excess of the net tangible assets acquired ($210 million) will be recorded as a combination of amortizing intangible assets (primarily related to existing agency relationships) and goodwill. AFG expensed $3 million of acquisition expenses incurred.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.