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American Financial Group, Inc. Announces Agreement to Sell Medicare Supplement ...
CINCINNATI, May 10, 2012 (BUSINESS WIRE) -- American Financial Group, Inc. (nyse/nasdaq:AFG) announced today that it reached a definitive agreement to sell its Medicare Supplement and Critical Illness businesses (headquartered in Austin, Texas and doing business as Great American Supplemental Benefits Group) to Cigna Corporation for approximately $295 million in cash, subject to post-closing adjustments based upon statutory capital and surplus of transferred businesses as of the closing date. AFG expects to realize an after tax gain of approximately $95-$105 million on the sale, which is expected to close late in the third quarter or early in the fourth quarter of 2012.
Source: MarketWatch (press release)