American Financial Group to Acquire ABA Insurance Services

American Financial Group has reached an agreement to acquire ABA Insurance Services Inc. from American Bankers Mutual Insurance Ltd. Under the agreement, AFG will pay ABMI about $28 million in cash at closing. The business is expected to contribute roughly $50 million a year in net written premiums. The transaction is expected to close in the fourth quarter, following customary regulatory approvals. Based in Shaker Heights, Ohio, ABAIS’ history dates back 30 years. The company offers property and casualty coverage, including workers’ compensation, to banks, as well as profe...