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Jeff Consolino To Join American Financial Group As Director, Executive Vice President And Chief Financial Officer As Keith A. Jensen Announces Retirement

American Financial Group, Inc. (NYSE/NASDAQ: AFG) announced today that its Board of Directors elected Joseph E. (Jeff) Consolino as a Director, beginning December 1, 2012. The Company further announced that Mr. Consolino will join the Company as Executive Vice President and Chief Financial Officer. Mr. Consolino’s election as Executive Vice President will become effective on February 16, 2013, and his election as Chief Financial Officer will become effective after the Company files its Annual Report on Form 10-K for 2012. Mr. Consolino will report to the co-Chief Executive Officers of American Financial Group, Carl H. Lindner III and S. Craig Lindner, and will succeed Keith A. Jensen, who will retire at the end of March 2013.

Mr. Jensen joined the Company in 1997 and was named as Senior Vice President of AFG in 1999. Since 2005, Mr. Jensen has also served as the chief financial officer of AFG.

Mr. Consolino has over 20 years’ experience in the insurance and financial services industry. He most recently served as President and Chief Financial Officer of Validus Holdings, Ltd., a worldwide provider of reinsurance and insurance with operations in Bermuda, the United Kingdom, Asia and Latin America. Prior to his role at Validus, Mr. Consolino served as a Managing Director in Merrill Lynch’s Financial Institutions Group specializing in insurance company advisory and financing transactions. During his tenure with Merrill Lynch, he worked with AFG and related companies in a broad range of financing and merger and acquisition transactions.

Since 2006, Mr. Consolino has served as a Director of National Interstate Corporation (NASDAQ: NATL), a property and casualty company based in Ohio, which is a 52%-owned subsidiary of AFG. It is expected that he will continue to serve in that capacity.

Mr. Consolino holds an undergraduate degree from Duke University and an M.B.A. from Cornell University. He serves as a Director of AmWINS Group, Inc., a wholesale insurance broker based in North Carolina. Mr. Consolino will also serve as a Director of Validus Holdings, Ltd.

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