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AFG completes Charleston Harbor Resort sale
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AFG completes Charleston Harbor Resort sale

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  • American Financial Group completed the sale of Charleston Harbor Resort & Marina.
  • The company expects approximately $125 million in pretax core operating earnings from the transaction.
  • The gain will be reported as net investment income and split between AFG parent and Great American Insurance Company.

American Financial Group (NYSE:AFG) completed the previously announced sale of Charleston Harbor Resort & Marina and expects to recognize approximately $125 million in pretax core operating earnings from the transaction.

The expected earnings impact equals approximately $1.20 per share after tax and remains consistent with the company’s previous estimates, subject to final cost accounting and customary closing adjustments.

The Charleston Harbor Resort & Marina property was owned equally by American Financial Group’s parent company and its Great American Insurance Company subsidiary, with the gain from the sale to be recorded as net investment income.

American Financial Group said the transaction will contribute to earnings through the reported investment income gain.

American Financial Group operates insurance businesses through Great American Insurance Company and other subsidiaries, with investment activities forming part of its financial operations.

The sale of Charleston Harbor Resort & Marina represents a divestment of a hospitality asset previously held by the company and its insurance subsidiary.