News & Media
American Financial Group, Inc. to Anchor Western & Southern Financial Group’s Queen City Square Tower
Cincinnati’s Future Skyline Redefined by Prominent Skyscraper
CINCINNATI – Dec. 20, 2007 – American Financial Group, Inc. (NYSE/NASDAQ: AFG) and
Western & Southern Financial Group announced today that AFG has signed a long-term
lease in a major new office tower to be developed and managed by Eagle Realty Group, a
real estate investment and property management subsidiary of Western & Southern
Financial Group.
The architecturally distinctive building to be known as the “Great American Insurance
Building at Queen City Square” will redefine Cincinnati’s skyline with its 40 stories and
prominent tiara. Totaling 825,000 square feet, the building also will provide a spacious
promenade from its main entrance at Fourth & Sycamore to the office building lobby. AFG
will be the anchor tenant and will occupy 22 floors, approximately 530,000 square feet
representing about two-thirds of the building. Construction is anticipated to begin in mid-
2008, with completion in 2011.
According to AFG’s Co-Chief Executive Officers Craig Lindner and Carl Lindner III,
the decision to become the primary tenant of this new development was driven by a common
goal to move many of AFG’s insurance operations into one downtown location.
“We are excited about moving into this premier office tower. It will offer us the unique
opportunity to consolidate many operations of our subsidiaries, Great American Insurance
Company and Great American Financial Resources, into one location. It also will allow us
room for future growth and expansion. AFG has a long-standing commitment to downtown
Cincinnati, and we are pleased to participate in this enhancement to the Cincinnati business
community.”
John F. Barrett, Chairman, President and Chief Executive Officer of Western &
Southern Financial Group, described the day’s announcement as a major milestone for
Cincinnati’s Central Business District.
“This world-class, signature office building will complete our Queen City Square
master-planned development. It is the fruition of a long-term vision for Western & Southern
and adds to the vitality of Cincinnati. AFG becoming the premier anchor tenant for Queen
City Square reinforces this building as a preeminent corporate business address in the
Midwest. It also further strengthens our community and our ability to retain and attract
quality companies like AFG to downtown Cincinnati,” said Mr. Barrett.
City of Cincinnati City Manager, Milton Dohoney, Jr., sees Queen City Square as a
welcomed addition to the city’s skyline. “This is an exciting investment in downtown and
builds on the positive growth and dynamic corporate environment in Cincinnati. We will work
with Western & Southern on the next steps”, said Mr. Dohoney.
The first phase of Queen City Square – the 303 Broadway building at Queen City
Square – was developed in a unique public-private partnership between Western &
Southern, the City of Cincinnati and the Port of Greater Cincinnati Development Authority.
The lease between AFG and Western & Southern, and the development of the new building,
are conditioned on entering into a similar public-private partnership with the City and the
Port.
AFG expects to begin moving its insurance operations into the new building during
2011. The company has approximately 6,500 employees nationwide, with about 40 percent
located in downtown Cincinnati.
About American Financial Group, Inc.
American Financial Group is an insurance holding company, based in Cincinnati, Ohio with
assets in excess of $25 billion. Through the operations of the Great American Insurance
Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized
commercial products for businesses, and in the sale of traditional fixed, indexed and variable
annuities and a variety of supplemental insurance products. Great American Insurance
Group’s roots go back to 1872 with the founding of its flagship company, Great American
Insurance Company. AFG’s common stock is listed and traded on the New York Stock
Exchange (“NYSE”) and NASDAQ under the symbol (“AFG”).
About Western & Southern Financial Group
Western & Southern Financial Group (Western & Southern) is a Cincinnati-based diversified
family of financial services companies with assets owned and under management in excess
of $47 billion. A Fortune 500 company, Western & Southern has received A. M. Best’s
highest rating of A++ Superior for financial strength, is one of the 10 highest rated life
insurance groups in the world based on Standard and Poor’s ratings, and is consistently
recognized by Moody’s and Fitch for financial strength and sound management. Its heritage
dates back to 1888 with the founding of Western & Southern Life Insurance Company.
About Eagle Realty Group
Eagle Realty Group offers a comprehensive range of services covering three core real estate
areas. Investment Management offers asset management and investment advisory services.
The company’s expertise in real estate development and management are documented by
an array of successful ventures ranging from hotels to shopping centers to low-income
housing to senior housing and office buildings. In addition, Eagle Realty Group’s Multi-
Family Property Management Division serves apartment communities and Eagle’s
Commercial Property Management Division provides property management services. The
organization oversees investment portfolios consisting of over 32 million square feet of all
types of real estate located across the United States and valued in excess of $2.7 billion.
Ratings refer to the financial strength of the insurance company and not to the safety, stability or performance of any investment product.