American Financial Group Takes $58M Hit As It Exits Lloyd's

Law360, London (February 4, 2020, 12:34 PM GMT) -- American Financial Group has said it is facing a bill of $58 million after bringing down the shutters on new business at Lloyd’s of London insurer Neon Underwriting, the latest in a series of struggling syndicates to be placed in run-off.

The Cincinnati-based investor said in its fourth-quarter results on Monday that the costs were largely connected with propping up Neon's reserves. Although Neon is now in run-off, meaning it does not accept new business or renewals, it is still responsible for paying claims on existing contracts.

“The exit from this business will allow AFG to reallocate capital to its other...

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