Great American Insurance Company is the flagship company of the Great American Insurance Group and is a subsidiary of
American Financial Group
(AFG). As a niche player in a number of specialty commercial property/casualty markets, the company provides insurance coverage to customers ranging from cattle ranches to day care centers to long-haul truckers. It also provides risk management and surety insurance products to lenders, banks, construction contractors, and vehicle leasers. Other products include crop insurance, marine and cargo insurance, professional liability coverage, workers' compensation, and alternative risk services.
The company's property and insurance group is made up of 30 niche specialty insurance industries that focus on specialized commercial products and services for businesses. Its annuity segment provides consumers a broad range of financial resources, including traditional fixed and indexed annuities, sold in the education, financial institution, and retail markets.
While Great American Insurance is an autonomous subsidiary of
, its administrative functions are handled by a central organization that serves all two dozen or so Great American Insurance Group divisions and companies. Policies are underwritten by specialized groups focusing on areas such as property and transportation, specialty casualty, and specialty financial.
Sales and Marketing
The property and casualty insurance group directs its sales efforts primarily through independent insurance agents and brokers, although small portions are written through employee agents.
Great American Insurance's property and casualty insurance segment accounted for 73% of its parent company's revenues in 2014.
In addition to organic growth, such as adding regional offices and new product offerings, the company makes selective acquisitions to strengthen its niche operating division.
In 2011 Great American Insurance bought CUMIS, an equipment maintenance insurance provider to credit unions, from
. It then added the business to its existing Equipment Management Solutions business. Great American Insurance has been around since 1872, making it one of the oldest insurers in the US. The Great American Ball Park, home of the
, is named after the company.