American Financial Group Inc incorporated in the year 1997. The Company is a holding company that, through its subsidiaries is engaged in property and casualty insurance, specialized commercial products for businesses, and sale of fixed and fixed-indexed annuities in the individual, bank and education markets. The Company manages its business in four segments; property and casualty insurance, annuity, run-off long-term care and life and other, which includes holding company assets and costs, and the assets and operations attributable to the non-controlling interests of the managed investment entities. The Company reports its property and casualty insurance business in the following Specialty sub-segments: Property and transportation, which includes physical damage and liability coverage for buses, trucks and recreational vehicles, inland and ocean marine, agricultural-related products and other property coverages, Specialty casualty, which includes excess and surplus, general liability, executive liability, umbrella and excess liability, customized programs for small to mid-sized businesses and workers' compensation, and Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including collateral and mortgage protection insurance), surety and fidelity products and trade credit insurance. The Company's annuity business markets traditional fixed and fixed-indexed annuities in the individual, bank and education markets. AFG's reportable segments and their components were determined based upon similar economic characteristics, products and services. The Company sells its individual single premium annuities, excluding bank production, mainly through a network of approximately 60 national marketing organizations ('NMOs') and managing general agents ('MGAs') who, in turn, direct over 1,400 actively producing agents. It also sells single premium annuities in banks through direct relationships with certain financial institutions, as well as through independent agents and brokers. The Company's property and casualty insurance businesses compete with other individual insurers, state funds and insurance groups of varying sizes, some of which are mutual insurance companies possessing competitive advantages in that all their profits inure to their policyholders. Its Annuity business competes with other insurers and financial institutions. The Company is subject to comprehensive regulation by government agencies in the states and countries where its insurance company subsidiaries are domiciled and where these subsidiaries issue policies and handle claims.
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