American Financial Group (AFG) is a specialty property and casualty insurance holding company that writes commercial coverage exclusively through its Great American Insurance Group subsidiary — it does not write personal lines. AFG operates across three segments: Specialty Casualty (~46% of net written premiums), which covers E&S liability, D&O, workers' comp, umbrella/excess, nonprofit/social services, and M&A liability; Property and Transportation (~39%), which includes crop insurance, commercial auto, inland marine, and commercial property; and Specialty Financial (~15%), which includes lender-placed property insurance, surety and fidelity bonds, and trade credit. AFG sells almost entirely through independent agents and brokers and operates a decentralized model across 36 insurance businesses, each with autonomy over underwriting and claims. AFG makes money through underwriting profit and investment income on its ~$17B float, which is roughly 65% in fixed maturities and the remainder in alternative investments, primarily multifamily real estate and private equity. AFG has averaged a ~91% combined ratio over the past decade, reflecting its niche focus and disciplined underwriting philosophy of forgoing growth over writing at inadequate pricing. AFG generates significant excess capital and returns it primarily through special dividends, having paid $4.7B since 2021, supplemented by a regular dividend and opportunistic share repurchases.