Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 185

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 185
---
 (1%) compared to the first nine months of 2024. The Specialty property and casualty insurance operations continue to achieve year-over-year premium growth as a result of new business opportunities, a good renewal rate environment and increased exposures. Overall average renewal rates increased approximately 5% in the first nine months of 2025. Excluding the workers’ compensation businesses, renewal pricing increased approximately 6%.

Property and transportation   Gross written premiums decreased $31 million (1%) in the first nine months of 2025 compared to the first nine months of 2024. This decrease was primarily the result of the impact of lower commodity prices on crop insurance premiums, partially offset by growth in the transportation businesses as a result of increased exposures, new business opportunities and a favorable rate environment. Average renewal rates increased approximately 7% for this group in the first nine months of 2025. Reinsurance premiums ceded as a percentage of gross written premiums increased 1 percentage point in the first nine months of 2025 compared to the first nine months of 2024 reflecting growth in alternative risk transfer and excess liability 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 higher cessions in the crop business.

62

Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QManagement’s Discussion and Analysis of Financial Condition and Results of Operations — Continued

Specialty casualty   Gross written premiums increased $50 million (1%) in the first nine months of 2025 compared to the first nine months of 2024, reflecting higher year-over-year premiums in the mergers and acquisitions liability business and growth across several of the targeted markets businesses resulting from new business opportunities, higher rates and strong policy retention. These items were partially offset by lower premiums in the excess and surplus businesses and lower premiums due to a challenging market in the directors’ and officers’ liability business as well as the continued non-renewal of certain housing and daycare accounts in the social services businesses. Average renewal rates increased approximately 6% for this group in the first nine months of 2025. Excluding overall rate decreases in the workers’ compensation businesses, renewal rates for this group increased approximately 8%. Reinsurance premiums ceded as a percentage of gross written premiums increased 1 percentage point in the first nine months of 2025 compared to the first nine months of 2024 reflecting higher cessions, higher reinsurance costs and higher reinstatement premiums paid to reins