E&S reserve charge hits AFG's casualty profits

American Financial Group (AFG) has revealed that a second
quarter reserve charge within its excess and surplus lines
(E&S) business hampered the profitability of its specialty
casualty division.
The US carrier reported the reserve charge along with flat
group-wide operating profits of $113mn for the quarter, which at
$1.28 a share were just ahead of analysts' consensus forecasts
of $1.26 a share.
AFG's specialty casualty business saw underwriting profits
slip from $37mn this time last year t