Great American Insurance Group Establishes Specialty Property & Casualty Business in Mexico
CINCINNATI -- May 10, 2016 -- Great American Insurance Group announced today that the Mexican Insurance Commission has granted formal approval to extend the license of its local company, El Águila Compañía de Seguros, S.A. de C.V., (El Aguila) to establish a specialty property & casualty (P&C) operation in Mexico.
Ydhelio Espinosa, a well-known executive with 30 years of experience in the insurance industry, has been appointed as the Divisional President of the new operation. Mr. Espinosa will lead a team of insurance professionals with proven results and a solid reputation in the local market.
Great American Insurance Group, through its member company, El Aguila, has been operating in Mexico since 1994 as a specialized insurer in the automobile market. The new P&C Division will bolster the company’s strategy in delivering insurance solutions that meet the needs of the P&C commercial insurance market for small and medium-size enterprises and corporate risks.
With the expansion of El Aguila’s license, the new Division will focus on providing specialty insurance solutions offering a commercial package policy and selected monoline products through a network of independent agents and brokers. It plans to begin underwriting risks effective July 1, 2016.
Carl H. Lindner III, Chairman, Great American Insurance Company and Co-CEO, American Financial Group, commented: “With the expansion of El Aguila’s license, we are pleased to launch our 33rd specialty P&C business unit and grow our footprint in Mexico.”
Don Larson, President and Chief Operating Officer of Great American Insurance Company, added: “We are confident that Mr. Espinosa’s specialty insurance knowledge and established relationships, coupled with the financial strength of Great American Insurance Group, will be instrumental in providing specialty P&C insurance solutions that meet the unique needs of the local markets.”
About Great American Insurance Group
Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for over 100 years (most recent rating evaluation of “A+” (Superior) as of March 20, 2015). The members of the Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG.
Great American Insurance Group
Diane P. Weidner, 513-369-5713