Great American Insurance: How We Got Here
Since its founding, Great American Insurance has been rooted in strength and integrity, and driven by a strong entrepreneurial spirit. Over the decades, one thing has remained constant—a determination to provide the highest quality products and service to our customers.
A Solid Start and Rapid Growth
1872 William F. Heins launches the German American Insurance Company in New York City with an impressive $1 million in capital.
1877 German American Insurance now has more than 1,000 agents across the country. It enters the 20th century as one of the most respected and financially stable companies in America.
1918 Yielding to anti-German sentiment surrounding World War I, the company changes its name to Great American Insurance Company.
The Post-War Boom
1940s Following World War II, America’s economy expands, driving massive growth in construction and automobile production. By the end of the 1940s, Great American is writing over $90 million in premiums.
1950s Congress passes insurance legislation that clears the way for multiple-line operations, and Great American begins to write both property and casualty policies.
1959 Great American sponsors the formation of Great American Life Insurance Company, and by the early 1960s, the two companies have combined assets exceeding $450 million.
1968 Great American is acquired by National General Corporation, which owns a broad mix of properties including motion pictures, publishing, computer technology and fast food. After 94 years in New York, Great American moves its headquarters to Los Angeles.
A New Leader’s Vision
Late 1960s Cincinnati businessman Carl H. Lindner is asked by the Ohio Insurance Department to come to the aid of a floundering local carrier, introducing him to the property and casualty business. Over the next five years, Lindner becomes increasingly interested in the property and casualty insurance industry.
1973 Carl Lindner acquires majority stock ownership in National General Corporation. He then merges National General with his own American Financial Corporation and begins disposing of many of the non-insurance assets of the company.
Late 1970s Great American continues to focus its market presence as a specialty insurer and becomes the flagship company of American Financial. In the coming years, American Financial divests certain business interests and acquires new ones, including American Premier Underwriters. Meanwhile, Great American Life becomes a leader in retirement annuities for the education market.
1974 Great American Insurance Company establishes its headquarters at 580 Walnut Street in downtown Cincinnati.
Setting the Stage for Our Current Profile
1983 Carl Lindner is named Chairman of the Board of American Premier.
1987 Lindner is made Chief Executive Officer of American Premier.
1989 American Premier acquires Republic Indemnity of America, a California workers' compensation insurer. In the early 1990s, it purchases a group of companies specializing in nonstandard auto insurance.
1992 Great American Financial Resources, Inc (GAFRI) is formed as a holding company for AFG’s life and annuity operations, acquiring Great American Life Insurance Company in 1993.
1995 American Premier and American Financial merge to form American Financial Group (AFG), creating a larger, more diverse and financially stronger insurance organization. Today, AFG is the parent company of Great American Insurance Group.
1998 Great American sells its “main street” commercial lines business to focus on its core strength as a niche insurer in both specialty commercial and personal auto insurance.
Solidifying Our Focus On Specialty Commercial Lines
2003 American Financial Group sells its personal lines business through a public stock offering, further tightening its focus on specialty commercial insurance for businesses. This sets the stage for Great American to expand its presence in the niche market for specialty commercial lines.
2007 GAFRI becomes a wholly owned subsidiary of AFG, providing a broad range of annuity, supplemental and long-term care insurance products.
2008 Great American announces its acquisition of Marketform® Group, which includes a Lloyd’s of London insurer. This is an excellent platform to expand several of its specialty property and casualty businesses in the international marketplace.
2011 Great American moves into new headquarters in the Great American Tower at Queen City Square. Topped by its signature tiara at 41 stories (33 office floors), the building is the tallest in Cincinnati. It is also the city’s “greenest” downtown office tower, achieving Gold pre-certification by the U.S. Green Building Council under the LEED (Leadership in Energy and Environmental Design) program.