New York, August 23 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has assigned a Baa2 rating to $125 million of 30 year senior unsecured notes issued by American Financial Group Inc (NYSE: AGF) off its multi-purpose US shelf registration. The outlook on the ratings has been positive.
In a research note published yesterday, the analysts mention that AFG’s ratings have been based on the group’s solid franchise as a diversified insurance operation, its solid profitability indicating a disciplined underwriting approach, moderate limits profile, low exposure to catastrophe volatility and demonstrated expertise within its chosen specialty P&C and tax deferred annuity niches.
The company has also maintained a conservative adjusted financial leverage profile. These strengths have been balanced by relatively high operating leverage and exposure to adverse reserve development in its casualty portfolio.
However, the positive outlook indicates the company’s solid prospective profitability as a result of leading market positions in various core commercial specialty and tax deferred annuity segments, good risk adjusted capital position and its moderate financial leverage.
The company is based in Ohio and provides specialty commercial property and casualty insurance as well as tax deferred annuities and supplemental insurance and reported total revenue of $2.3 billion and net income of $212 million, the analysts say.
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