Cincinnati-based property/casualty insurer announced that it is considering an initial public offering of shares of its 65 percent-owned Richfield, Ohio-based transportation insurance subsidiary, National Interstate Corp. The offering, if executed, would raise about $55 million in capital. AFG would not sell any of its shares in the offering and would remain the majority owner of the company.
AFG co-president Carl Lindner said they were considering the move to provide liquidity to support National Interstate’s growth. The transaction would be subject to the negotiation of final documentation, the approval of the board of directors of National Interstate and the receipt of all required listing and regulatory approvals, AFG said in a statement.
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