American Financial Group history

The company remained at this status until 1903, when it received additional capital of $500,000 and was paid surplus funds of over $913,000.

Eight years later, in May 1911, The Rochester German Insurance Company, located in Rochester, New York, merged with GAIC.

Recognizing the heightened sensitivity to German affiliation, the company changed its name from German American to Great American Insurance Company in 1918.

Carl Henry Lindner, born April 22, 1919, and his brothers left high school before graduating to help with the family's small dairy business.

In May 1948, GAIC's corporate structure was simplified.

National General Corporation, incorporated in Delaware in 1952 as National Theatres, Inc., was involved in the operation of motion picture theaters in the United States and abroad, motion picture production and distribution, and cable and closed-circuit television.

By 1959, the company owned three small savings and loan associations in Ohio and recorded assets of $17.7 million.

1960: The company adopts the name American Financial Corporation (AFC).

In 1961, a strategic business decision led to yet another avenue of growth for the company, and Great American Life Insurance Company was born.

In 1962, GALIC sold an additional 100,000 shares of common stock to its sponsor for nearly $1.3 million.

First Insurance Company of Hawaii was acquired by GAIC in 1963.

By 1966, GAIC's assets had grown to $15.6 million.

In 1967, control of Great American Insurance Company was taken by the newly formed Great American Holding Corporation.

AFC had already gained control of GAIC in December 1971.

While Carl Lindner remained in active control as chairman, GAIC administration was directed by Stanley R. Zax, president since December 1973.

In 1974, Great American Insurance Company established its headquarters in downtown Cincinnati.

Another acquisition, that of Constellation Insurance Company, renamed in 1975 Constellation Reinsurance Company, was completed two years later.

In 1977, the latter was reorganized and sold.

In 1978, GAIC acquired K.C.C. Holding Company and purchased all outstanding stock in American Continental Insurance Company and its two affiliate insurance companies.

The latter was absorbed by GALIC, now located in Ohio, by a merger in 1982.

Stock plunged from $41 to $6.38 a share; a loss of $198 million was recorded in 1984, leaving a net worth of $43 million to support the $400 million of premiums in force.

Great American Life Insurance Company's activity had by then become focused predominantly on individual tax-sheltered annuities, which accounted for almost all premium income in 1986.

Nearly all of the 1987 premiums of AFC's annuity and life insurance business were related to annuities, sold primarily to teachers.

According to Barron's, July 4, 1988, "Lindner's American Financial took a loss of $162 million, writing off the entire value of its stock interest and Mission loans."

In January 1989, GALIC stopped writing additional life insurance policies and Great American Life Insurance Company's business remained almost exclusively in tax-sheltered annuities.

In April 1995, AFC combined with American Premier Underwriters to form a larger, stronger and more diverse, publicly traded organization: American Financial Group, Inc. (NYSE: AFG).

Great American adopted a new corporate logo that featured a traditional American eagle in the time-honored colors of red, white and blue, in 1999.

Lindner commented on AFG's strategy in a 2001 company press release, stating that "we will continue to maintain a strong reserve position.

AFG management felt confident that the company was headed in the right direction and expected significant improvement in its financial results in 2002 and the years to come.

In 2003, AFG chose to narrow the company’s focus and divested ownership of its personal lines insurance holdings.

American Financial Group was ranked 486th on the Fortune 500 list in 2004.

Carl Lindner, Jr is a longtime top Republican donor, donating millions of his personal income to candidates and political action committees, which sent ripples in campaign finance circles during the 2010 mid-term elections.

In January 2011, the company became the tenant of a distinct new office building in downtown Cincinnati - Great American Insurance Group Tower at Queen City Square.