American Financial Group

Nwankwo is the founder of one of the largest minority-owned businesses in the Cincinatti area.

The insider replaces Jeff Consolino, who left to become CEO of StarStone US after a private-equity-backed buy-in.

AFG subsidiary Great American was the fifth largest multiperil crop insurer in the US in 2019, according to data from the Insurance Information Institute.

The carrier also recognized $105mn of Covid-related losses and upgraded EPS guidance.

Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.

The company has cut its expected full-year EPS by roughly 26 percent.

The S&P 500 insurance industry index rose by 2.8 percent as lawmakers neared a vote on a coronavirus economic relief package.

AIG gains 19 percent, outstripping a 12 percent increase on the S&P 500 insurance industry index.

AFG delivered $2.22 in operating EPS, roughly even with consensus analyst estimates of $2.21.

American Financial Group reported core operating earnigns of $2.25p/sh, an increase of 3% versus $2.19p/sh in the prior year period and a hefty beat to consensus at $2.01.

The combined ratio deteriorated by 1.3 percentage points to 95 percent.

AFG’s decision to retain the group looks like a bet on improved pricing and market transformation.