New York, January 09, 2014 -- Moody's Investors Service has affirmed the Baa1 senior debt rating for American Financial Group, Inc. (NYSE: AFG), and the A1 insurance financial strength (IFS) ratings of AFG's property and casualty (P&C) operations led by Great American Insurance Company (GAIC) following the announcement that AFG will acquire workers' compensation insurer Summit Holdings Southeast, Inc. and its related companies (unrated; together "Summit") from the Liberty Mutual Group for approximately $250 million. In the same action, Moody's also affirmed the A2 IFS rating of AFG's life insurance subsidiary, Great American Life Insurance Company (GALIC), and the A3 IFS rating of AFG's California workers' compensation subsidiary, Republic Indemnity Insurance Company (Republic). The outlook on the ratings of the holding company, GAIC, and GALIC was changed to negative from stable, reflecting the integration risk associated with a sizable transaction and the higher product risk in a monoline workers' compensation writer. The outlook on Republic remains stable.

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