American Financial

Operating subsidiaries carry A+ financial strength ratings from AM Best and S&P (Moody’s A1). At June 30, 2026, long-term debt stood at $1.85 billion; the ratio of debt to total capital was 27.1% including subordinated debt and ~17.2% excluding it, with no maturities until 2030 and no borrowings under a $450 million revolver.

Book value per share excluding AOCI was ~$59.85 at June 30, 2026, and management notes capital levels are above targets across rating agencies. The investment portfolio ($17.1 billion) is high quality with 97% investment-grade fixed maturities and measured use of alternatives ($2.8 billion).

These factors provide resilience to shocks while enabling opportunistic capital deployment.