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American Financial Group, Inc. (NYSE: AFG) announced today that the Ohio Department of Insurance has approved the sale of its Annuity businesses, consisting of Great American Life Insurance Company (GALIC) and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company, to Massachusetts Mutual Life Insurance Company (MassMutual). The sale is expected to close on May 28, 2021.
AFG expects to receive total after-tax cash sale proceeds of $3.4 billion.
American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of 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 traditional fixed and fixed-indexed annuities in the retail, financial institutions, broker-dealer, and registered investment advisor markets. On January 27, 2021, AFG anno
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GreenStreet Cafe’s lunchtime rush had just ended on a recent afternoon, but the clamor of dishes in the kitchen hadn’t ceased. Business has finally picked up at the popular eatery in Miami’s Coconut Grove, known for its red velvet outdoor couches, a place where athletes and artists have dined over the past 30 years.
Still, owner Sylvano Bignon is heated.
A judge in March dismissed his lawsuit against GreenStreet’s insurers, which refused to pay for pandemic-related losses. Shutdowns and other restrictions cost him $2.5 million, Bignon said, and he had been hoping to get $1 million from the insurer. But because the owner’s insurance only covered “physical loss or damage,” the judge ruled, the Covid claim did not apply.
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