LOWBuilt-inGeographic
12.1%
California
“10-K Item 1: 'California | 12.1 | %'”
AFG · Concentration risk · 10-K extracted
American Financial Group (AFG) concentration risks
Updated
The most significant concentration American Financial Group discloses is California at 12.1%, classified LOW by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: American Financial Group’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM0
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWOutside partyCounterparty
Everest Reinsurance Company, Hannover Rueck SE, Swiss Reinsurance America Corporation
“10-K Item 1: 'Recoverables from the following companies were individually between 9% and 11%...Everest Reinsurance Company, Hannover Rueck SE and Swiss Reinsurance America Corporation'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The insurer's disclosed concentrations are limited and sit on two axes. Geographically, California is the largest single-state exposure in the disclosed mix, a low-share concentration by disclosed size and structural in character — it reflects where the group writes business rather than any single-policy dependency. On the counterparty side, reinsurance recoverables are individually between 9% and 11% for three reinsurers — Everest Reinsurance Company, Hannover Rueck SE, and Swiss Reinsurance America Corporation — each a low-share, dependency-type exposure tied to the creditworthiness of those carriers. Neither axis is large by disclosed size, and there is no disclosed customer, supplier, or product concentration to compound them. On balance the profile is diversified: the channels worth watching are state-level catastrophe exposure in California and the credit quality of the largest reinsurance counterparties, neither of which looks likely on its own to move the investment verdict.
For the engine’s reasoning on AFG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Insurance - Property & Casualty
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CNA | CNA Financial Corporation | 2 | 0 | 0 | 2 |
| AIZ | Assurant, Inc. | 1 | 2 | 0 | 3 |
| ALL | Allstate Corporation (The) | 1 | 0 | 0 | 1 |
| HCI | HCI Group, Inc. | 0 | 2 | 0 | 2 |
| CB | Chubb Limited | 0 | 1 | 0 | 1 |
| AFG● | American Financial Group, Inc. | 0 | 0 | 2 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.