The company said late Friday that it will acquire Strategic Comp Holdings, a Metairie, La.-based provider of workers' compensation programs. Terms of the deal weren't disclosed.
Strategic Comp's services include loss control, claims management and deductible-based options for mid-sized to large commercial accounts, American Financial said in a news release. It is expected to post about $30 million in workers' compensation premiums this year.
"This acquisition supports our strategic objectives of expanding our penetration into the workers' comp market and increasing our geographic coverage," said Carl Lindner III, co-CEO, in the release.
The acquisition is expected to increase net premiums by about $15 million in 2007 for American Financial and its subsidiary, Great American Insurance Co.
American Financial Group, headquartered in Cincinnati, primarily sells property and casualty insurance, retirement annuities and supplemental insurance and life products through its Great American Insurance Group.