American financial group, inc. announces agreement to sell run-off lloyd’s-based insurer, neon

Cincinnati--(business wire)--american financial group, inc. (nyse: afg) today announced that it has reached a definitive agreement to sell gai holding bermuda and its subsidiaries, comprising the legal entities that own its lloyd’s of london insurer, neon, to riverstone holdings limited (“riverstone”). upon closing of the sale, afg expects release of all of its funds at lloyd’s (fal) including release of the letters of credit and collateral pledge facility that afg guarantees in support of neon
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