Carl H Lindner III Gets 237,372 AFG Shares Through Family Distributions
The co-CEO's reported holdings total 4,762,346 shares, held through trusts and family entities.
Carl H Lindner III, co-CEO of American Financial Group, which sells specialized commercial property and casualty insurance, received 237,372 shares through family distributions on Wednesday, September 16. An SEC insider-trading report filed Friday records the transfers, valued at an estimated $36.7 million at Friday's close.
Shares Move From Seraphim To Trusts
The transfers came from Seraphim Partners, formerly CHL Investments, which is entirely owned and controlled by members of the Lindner family, including Lindner's spouse. Seraphim distributed its shares among its family owners in proportion to their ownership interests.
The report records 838,480 shares leaving the Seraphim holding on September 15, reducing that ownership line to zero. The distribution differs from an open-market purchase: these shares moved out of a family-controlled entity.
Of the shares Lindner received on Wednesday, 228,987 went to the Carl H. Lindner III Family Trust, bringing that holding to 3,289,055 shares. Another 8,385 went to trusts benefiting his spouse, bringing their holding to 351,547 shares.
A gift of 32 shares on Thursday reduced the family trust's holding to 3,289,023 shares.
A $736.0 Million Reported Holding
Lindner's reported post-transaction holdings total 4,762,346 shares, worth approximately $736.0 million at Friday's close. Those holdings are entirely indirect, through trusts and family entities.
The 237,372 shares received represent about 5% of his reported post-transaction holdings. That comparison measures the size of the distribution against Lindner's holdings, rather than his ownership percentage of American Financial Group.
His earlier market activity included a sale on August 24 of 90,000 shares for $13.0 million, at approximately $144.32 per share. That was the earlier sale recorded in SEC filing history covering August 8 through Friday.
AFG shares had risen about 14% this year as of Thursday's close. That performance provides context for the holdings' value, rather than a reaction to Friday's report.
Insurance Behind The Family Stake
American Financial Group operates through Great American Insurance Group, selling mainly through independent agents and brokers. Its commercial coverages include crop and transportation insurance, liability policies, workers' compensation, fidelity and surety, and trade credit.
The company's property and casualty operations comprised 36 insurance businesses at December 31, 2025. Gross written premiums totaled $10,694 million in 2025, and U.S.-based insurers accounted for about 98% of its direct written premiums that year.
The September transfers redistributed Seraphim's shares among family owners; the August transaction sold shares in the open market.
Sources
- Form 4 — Carl H Lindner III (AFG) — SEC EDGAR
- American Financial (AFG) Q3 2026 Earnings Call Transcript - The Globe and Mail — theglobeandmail.com
