8-K

          

                          SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549


                                       FORM 8-K


                  Current Report Pursuant to Section 13 or 15(d) of
                         The Securities Exchange Act of 1934



       August 23, 1995                              Commission File No. 1-7361
       (Date of earliest event reported)


                            AMERICAN FINANCIAL CORPORATION



       Incorporated under the laws                                IRS Employer
        of Ohio                                  Identification No. 31-0624874

                                One East Fourth Street
                               Cincinnati, Ohio  45202
                                Phone:  (513) 579-2121







       
                            AMERICAN FINANCIAL CORPORATION

                                       FORM 8-K


          Item 4.     Changes in Registrant's Certifying Accountant.

                      American Financial Corporation ("AFC") is organized
          as a holding company with almost all of its operations conducted
          by subsidiaries and investees.  In its report on AFC's 1994
          financial statements, Ernst & Young LLP, AFC's principal
          independent accountants, expressed reliance on the reports of
          Deloitte & Touche LLP with respect to the financial statements of
          American Premier Underwriters, Inc. ("APU"), an AFC investee. 
          Effective August 23, 1995, pursuant to a recommendation of their
          respective Audit Committees adopted by their Executive Committees
          of the Board of Directors, American Financial Group, Inc. and APU
          engaged the firm of Ernst & Young LLP to be their principal
          independent accountants for purposes of performing the 1995 audit
          of their financial statements.  Both companies have informed
          their previous principal independent accountants, Deloitte &
          Touche LLP, of their action.  This change will enable the
          companies to better coordinate financial reporting matters with
          their significant affiliate, AFC.  This change results in a
          single auditor for the major subsidiaries in the entire American
          Financial Group, Inc.

                      In connection with the audits of APU's two fiscal
          years ended December 31, 1994 and during the subsequent interim
          periods, there have been no disagreements on any matter of
          accounting principles or practices, financial statement
          disclosure, or auditing scope or procedures with Deloitte &
          Touche LLP, which disagreements if not resolved to the
          satisfaction of Deloitte & Touche LLP would have caused them to
          make reference in their opinion to the subject matter of the
          disagreement.  The report of Deloitte & Touche LLP on the
          consolidated financial statements of APU has not contained an
          adverse opinion, or a disclaimer of opinion and has not been
          qualified or modified as to uncertainty, audit scope, or
          accounting principles for the years 1993 and 1994.

          Item 7.     Financial Statements, Pro Forma Financial Information
                      and Exhibits.

               Exhibit (16)   Letter re: change in certifying accountant







                                     Page 2 of 3







          
                                      SIGNATURES

               Pursuant to the requirements of the Securities Exchange Act
          of 1934, the registrant has duly caused this report to be signed
          on its behalf by the undersigned hereunto duly authorized.



                                        AMERICAN FINANCIAL CORPORATION



          August 29, 1995               By:Fred J. Runk                     
                                           Fred J. Runk
                                           Vice President & Treasurer
                                              
















                                     Page 3 of 3
          

EX-16

          August 29, 1995


          Securities and Exchange Commission
          Mail Stop 9-5
          450 5th Street, N.W.
          Washington, D.C.  20549

          Dear Sirs/Madams:

          We have read and agree with the comments in Item 4 of Forms 8-K
          of American Financial Group, Inc. and American Premier
          Underwriters, Inc., American Financial Corporation and American
          Financial Enterprises, Inc. dated August 29, 1995.


          Yours truly,



          DELOITTE & TOUCHE LLP