American Financial Closes Acquisition Of Summit Holding Southeast

(RTTNews) - Insurance company American Financial Group Inc (AFG) said Tuesday it completed the purchase of Summit Holding Southeast Inc and its related companies from Liberty Mutual Insurance in an all-cash deal.

American Financial paid Liberty Mutual Insurance about $260 million at closing, and in addition, made a capital contribution of about $140 million.

Summit's results of operations will be included in American Financial's consolidated results for nine months of 2014, commencing with the beginning of the second quarter.

Based in Lakeland, Florida, Summit is a provider of workers' compensation solutions in the Southeastern U.S., with about $520 million of premium written.