Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 126

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 126
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million (6%) in the first three months of 2025 compared to the first three months of 2024. This decrease was due primarily to the non-renewal of a few large policies in the agricultural and transportation businesses, coupled with elevated pricing competition in the transportation businesses. These decreases were partially offset by new business opportunities, a favorable rate environment and higher exposures. Average renewal rates increased approximately 7% for this group in the first three months of 2025. Reinsurance premiums ceded as a percentage of gross written premiums decreased 1 percentage point in the first three months of 2025 compared to the first three months of 2024 reflecting the impact of lower premiums in the crop business, which cedes a larger percentage of premiums than some of the other businesses in the Property and transportation sub-segment.

Specialty casualty   Gross written premiums decreased $29 million (3%) in the first three months of 2025 compared to the first three months of 2024. The lower year-over-year premiums were primarily attributed to the excess liability, executive liability and workers’ compensation businesses and were partially offset by higher year-over-year premiums in the mergers and acquisitions liability business and new business opportunities and favorable renewal pricing in several of the other Specialty casualty businesses. Average renewal rates increased approximately 6% for this group in the first three months of 2025. Excluding the workers’ compensation businesses, renewal rates for this group increased 9%. Reinsurance premiums ceded as a percentage of gross written premiums increased 1 percentage point in the first three months of 2025 compared to the first three months of 2024. Higher cessions, higher reinsurance costs and higher reinstatement premiums paid to reinsurers in the excess liability business and growth in the mergers and acquisitions liability business, which cedes a larger percentage of premiums than some of the other businesses in the Specialty casualty sub-segment, was partially offset by the impact of exiting certain housing-related products in the social services business which were heavily reinsured.

Specialty financial   Gross written premiums increased $46 million (16%) in the first three months of 2025 compared to the first three months of 2024 due primarily to growth in the financial institutions business. Average renewal rates increased approximately 2% for this group in the first three months of 2025. Reinsurance premiums ceded as a percentage of gross written premiums decreased 1 percentage point in the first three months of 2025 compared to the first three months of 2024