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Letter to the Editor
Monday September 9
Great American Insurance Company Transfers Renewal Rights of Its New Jersey Personal Auto Insurance Business
American Financial Group, Inc. has announced that its insurance subsidiary, Great American Insurance Company, has reached an agreement under which Palisades Safety and Insurance Association and Palisades Insurance Company will assume Great American's obligations to renew its New Jersey personal automobile insurance business. Under the agreement, Palisades will issue renewal policies to most customers who had private passenger automobile insurance policies written through Great American Spirit Insurance Company and who are "eligible persons" as defined by law (eligible persons are those insureds with fewer than 9 motor vehicle points in the last three years). After tax, AFG expects to report a $7 million ($.10 per share) loss on the transaction in the 2002 third quarter.As of September 9, 2002, Great American Spirit will no longer accept any new private passenger auto insurance business in the state. Great American currently insures about 24,000 vehicles and writes approximately $25 million in personal automobile insurance premium in New Jersey. While the transfer of this existing book of business will occur over the next twelve months, Great American and its affiliates will continue to hold licenses in New Jersey in order to market other insurance coverages.
Great American Insurance Company, founded in 1872 and based in Cincinnati, Ohio, is a member of the Great American Insurance Group whose property and casualty insurance operations represent one of the 30 largest property/casualty insurance groups in the United States. Through the operations of Great American Insurance Group, AFG is engaged primarily in specialty and private passenger automobile insurance businesses and in the sale of retirement annuities, life and supplemental health insurance products.
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