UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 19, 2006
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AMERICAN FINANCIAL GROUP, INC. |
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(Exact name of registrant as specified in its charter) |
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Ohio |
1-13653 |
31-1544320 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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One East Fourth Street, Cincinnati, OH |
45202 |
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____________________________________________________________ |
________________________ |
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(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code 513-579-2121
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) |
Section 8 - Other Events
Item 8.01
Other Events.On April 19, 2006, American Financial Group, Inc. issued a press release announcing that its 81%-owned subsidiary, Great American Financial Resources, Inc. ("GAFRI") has reached an agreement to sell Chatham Bars Inn, GAFRI's resort-hotel property located on Cape Cod. A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference herein.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
- Financial statements of business acquired. Not applicable.
- Pro forma financial information. Not applicable.
- Exhibits
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Exhibit No. |
Description |
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99.1 |
Press release, dated April 19, 2006. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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AMERICAN FINANCIAL GROUP, INC. |
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Date: April 20, 2006 |
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By: Karl J. Grafe |
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Karl J. Grafe |
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Vice President |
EXHIBIT 99.1
Agreement To Sell Chatham Bars Inn
Cincinnati, Ohio - April 19, 2006 - American Financial Group, Inc. (NYSE/NASDAQ: AFG) today announced that its 81%-owned subsidiary, Great American Financial Resources, Inc. ("GAFRI"), has reached an agreement to sell Chatham Bars Inn, its resort-hotel property located on Cape Cod, Massachusetts, for $166 million. The sale, which is subject to customary closing conditions, is expected to close in the second quarter of 2006. AFG expects to recognize an after-tax gain of approximately $27 - $29 million ($0.34 - $.36 per share), after transaction costs, the write-off of certain deferred annuity acquisition costs associated with the gain recognition and minority interest. GAFRI has owned and operated the hotel since 1993.
Craig Lindner, AFG's Co-Chief Executive Officer and GAFRI's CEO, commented, "Chatham Bars Inn is one of the most unique hotel properties in the United States and has been a very profitable investment for us. This sale demonstrates the strength of our investment management operation. This sale will provide additional capital to be utilized to grow GAFRI's core insurance operations organically and through acquisitions."
Through the operations of the Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of retirement annuities, supplemental insurance and life products.
This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions and projections. Examples of such forward-looking statements include statements relating to: the Company's expectations concerning the amount of gain to be realized, transaction costs to be incurred and the amount of deferred acquisition costs associated with the gain recognition. Actual results could differ materially from those expected by AFG.
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Contact: |
Anne N. Watson |
Web Sites: |
www.afginc.com |
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Vice President-Investor Relations |
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www.GreatAmericanInsurance.com |
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(513) 579-6652 |
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