American Financial Group Inc. (NYSE, Nasdaq: AFG) is buying Summit Holdings Southeast Inc. for $250 million.
The Lakeland, Fla.-based target provides workers compensation insurance in the southeast U.S. After the deal closes, Summit will continue to operate under the same brand, but as a member of AFG’s Great American Insurance Group. Summit is being sold by Liberty Mutual Insurance.
American Financial, headquartered in Ohio, is an insurance holding company with about $40 billion in assets. Through subsidiaries, the group provides property and casualty insurance, as well a the sale of fix and fixed-income annuities.
The deal follow several other insurance transactions, such as Hub International Ltd.’s purchase of GNW-Evergreen Insurance Services Inc. and Marsh & McLennan Agency LLC’s deal for Cambridge Property & Casualty.