Cincinnati-based property/casualty insurer reported the closing of the previously announced sale of Transport Insurance Co. to Randall & Quilter Investment Holdings Ltd. AFG said it does not expect to record any material gain or loss on this transaction in the 2004 fourth quarter.
Transport is an inactive company with only run-off insurance liabilities, including asbestos and environmental exposures which represented about 12 percent of AFG’s property/casualty group’s total asbestos and environmental reserves. Under the sale agreement, Randall & Quilter has assumed all financial and administrative responsibility for completing the runoff of Transport’s liabilities and collecting reinsurance recoverables.
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