P.M. BRIEFING : Penn Central Buys AFC Insurers
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CINCINNATI — Penn Central Corp. said today it has completed the purchase of American Financial Corp.’s non-standard auto insurance group for about $335 million.
The price is subject to change after a review of the group’s pretax earnings for 1991-94, Penn Central said. The price could fall by as much as $20 million or rise by up to $40 million.
Both companies are controlled by financier Carl H. Lindner, the biggest shareholder in American Financial and chief executive of Penn Central.
Insurers involved are Atlanta Casualty Co., Windsor Insurance Co. and Stonewall Insurance Co. and their subsidiaries. American Financial reported the group had income of $31.3 million on $328 million in premiums.
They insure drivers other companies will not insure for reasons such as age or driving record.
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