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Business Wire
14-05-2025
- Business
- Business Wire
Great American Insurance Group Announces the Promotion of Daniel M. Keenan to Divisional President, Trucking
CINCINNATI--(BUSINESS WIRE)--Great American Insurance Group is pleased to announce the promotion of Daniel (Dan) M. Keenan to Divisional President within its Trucking Division, effective June 2, 2025. Mr. Keenan will succeed Randal M. Smith, who will retire in June after more than 30 years of service. Mr. Keenan joined National Interstate Insurance Company, a member of Great American Insurance Group, in 2006 where he led the company's St. Thomas, U.S. Virgin Islands subsidiary, Hudson Management Group. Since that time, Mr. Keenan has held numerous leadership roles, most recently serving as National Business Development Officer of National Interstate. Mr. Keenan earned a Bachelor of Arts in Finance and Economics from Syracuse University, and a Master of Business Administration from Baldwin Wallace University. Great American's Trucking Division is a leading provider of insurance products for the long-haul trucking industry and specializes in coverages for Owner-Operators and Motor Carrier-Sponsored Programs. Trucking offers a complete suite of products and services supporting the independent contractor, including Physical Damage, Non-Trucking Liability, Occupational Accident, Contingent Liability, its signature Rig Ready ® repair service, Deductible Buyback and TruXpro ®, which includes downtime and rental reimbursement. Policies are underwritten by Great American Insurance Company, Great American Assurance Company and Great American Spirit Insurance Company, authorized insurers in all 50 states and the DC. Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Company has received an 'A' (Excellent) or higher rating from the A.M. Best Company for over 115 years and is currently rated 'A+' (Superior). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed and traded on the New York Stock Exchange under the symbol AFG.
Associated Press
31-01-2025
- Business
- Associated Press
AM Best Affirms Credit Ratings of El Aguila, Compañia de Seguros, S.A. de C.V.
MEXICO CITY--(BUSINESS WIRE)--Jan 31, 2025-- AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent), the Long-Term Issuer Credit Rating (Long-Term ICR) of 'a-' (Excellent) and the Mexico National Scale Rating of ' (Exceptional) of El Aguila, Compañia de Seguros, S.A. de C.V. (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable. These ratings reflect El Aguila's balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect El Aguila's support from its parent company (including continuous capital contributions), Great American Insurance Company, which currently has an FSR of A+ (Superior) and a Long-Term ICR of 'aa-' (Superior), each with a stable outlook. El Aguila was established in Mexico in 1994 and is a wholly owned subsidiary of Great American Insurance Company. Since 2016, El Aguila has diversified into other property/casualty lines besides the motor business, targeting small- and medium-size enterprises in the commercial segment through an independent network of local distribution partners. Given its small size, the company shows a greater geographic concentration than its peers, making it more vulnerable to market conditions in its main regional markets within Mexico. The company focuses on having higher renewal rates than those registered by its main peers, making heavy investments in advertising and direct sales channels in comparison with traditional distribution in Mexico's auto insurance segment, which is typically done through agents, car agencies and bancassurance alliances. In 2023, the company's portfolio grew 18% year-over-year and is expected to expand approximately 7.5% by the end of 2024, which is in line with expectations, as the company recovers from negative bottom-line results in previous years. Challenges for El Aguila in 2023 included high acquisition costs in its auto line, the creation of catastrophe reserves and the impact of Hurricane Otis on its overall portfolio. As of December 2024, the company has shown signs of recovery and profitable results, amid continuous support from its parent company in the form of capital contributions. El Aguila's risk-adjusted capitalization is strong, as measured by Best's Capital Adequacy Ratio (BCAR), with underwriting risk standing as the main component for required capital. In 2023 and 2024, the company benefited from capital contributions by its parent company to support its capital position after two years of consecutive negative results. A key factor going forward for AM Best's assessment of balance sheet strength will be the reinsurance recoverable generated by the effects of Hurricane Otis and the premium leverage to policyholder's surplus. Negative rating actions could occur if the company's capital base and risk-adjusted capitalization deteriorate to levels that no longer support the ratings, resulting from the materialization of execution risk or limitations in its business profile. Positive rating actions are unlikely in the short term, but they could occur if El Aguila sustains improvements in underwriting results and risk-adjusted capitalization in a steady fashion. A negative change in AM Best's perception regarding the actual or perceived level of El Aguila's strategic importance to the Great American Insurance Company group could also impact the company's ratings. CONTACT: Sebastian del Rio Associate Financial Analyst +52 55 1102 2720, ext. 117 [email protected] Rubo, FRM, CPCU Associate Director +52 55 1102 2720, ext. 134 [email protected] Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] SOURCE: AM Best Copyright Business Wire 2025. PUB: 01/31/2025 11:32 AM/DISC: 01/31/2025 11:32 AM
