Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 167

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 167
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 to the third quarter of 2024 as a result of premium growth from new business opportunities, increased exposures and a good renewal rate environment. Overall average renewal rates increased approximately 5% in the third quarter of 2025, both including and excluding the workers’ compensation businesses.

Property and transportation   Gross written premiums decreased $132 million (6%) in the third quarter of 2025 compared to the third quarter of 2024. This decrease was primarily the result of earlier reporting of 2025 crop acreage, which shifted the timing of reporting of some crop premium from the third quarter to the second quarter. Excluding the crop business, gross written premiums for this group increased 2% compared to the third quarter of 2024, reflecting new business opportunities, a favorable rate environment and increased exposures in the transportation businesses. Average renewal rates increased approximately 6% for this group in the third quarter of 2025. Reinsurance premiums ceded as a percentage of gross written premiums increased 2 percentage points in the third quarter of 2025 compared to the third quarter of 2024, reflecting growth in alternative risk transfer products in the transportation businesses, which cede a higher percentage of premiums than some of the other businesses in the Property and transportation sub-segment and an increase in ceded premiums in the aviation business, partially offset by a decrease in cessions due to the timing of premiums in the crop business.

Specialty casualty   Gross written premiums increased $40 million (3%) in the third quarter of 2025 compared to the third quarter of 2024, reflecting new business opportunities and favorable renewal pricing in several of the targeted markets businesses and an increase in mergers and acquisition activity that contributed to growth in the mergers and acquisitions liability business. This growth was tempered by lower premiums in the excess and surplus, executive liability and social services businesses. Average renewal rates increased approximately 7% for this group in the third quarter of 2025. Excluding the workers’ compensation businesses, renewal rates for this group increased approximately 8%. Reinsurance premiums ceded as a percentage of gross written premiums increased 3 percentage points in the third quarter of 2025 compared to the third quarter of 2024, reflecting higher cessions and higher reinsurance costs in the excess liability business and growth in the public sector and mergers and acquisitions liability businesses, both of which cede a larger percentage of premiums than some of the other businesses in the Specialty casualty sub-segment.

Specialty financial   Gross written premiums increased $