American Financial Group Co-CEO and Director Carl H. Lindner III filed a Form 4 on November 6, 2026, disclosing changes in beneficial ownership of common stock stemming from a pro-rata distribution of shares from Seraphim Partners LLC and a subsequent gifting transaction.

Key Highlights

  • Distribution source: Shares were distributed from Seraphim Partners LLC (formerly CHL Investments, LLC), described in the filing as "an entity owned and controlled entirely by Lindner family members, directly or indirectly, including the reporting party's spouse."
  • Shares disposed via distribution (09/15/2026): 838,480 shares were disposed of (transaction code J) at $0 from Indirect #12 (Seraphim Partners LLC).
  • Shares acquired via distribution (09/16/2026): 8,385 shares acquired at $0 into Indirect #2 (trusts for the benefit of the reporting party's spouse), bringing that holding to 351,547 shares.
  • Shares acquired via distribution (09/16/2026): 228,987 shares acquired at $0 into Indirect #1 (Carl H. Lindner III Family Trust DTD 8/29/02 as Amended), bringing that holding to 3,289,055 shares.
  • Gift transaction (11/05/2026): 32 shares disposed of (transaction code G) at $0 from Indirect #1, reducing that holding to 3,289,023 shares.
  • Additional indirect holdings reported: 525,043 shares via C3 Family Trust 2010-1, 493,602 shares via C3 QAT Dtd 9/25/20, and 103,131 shares via #13 C3 Legacy Trust 12/1/20.

Seraphim Partners LLC Pro-Rata Distribution and Lindner III Beneficial Ownership Changes

According to the filing, Carl H. Lindner III, identified as Co-CEO and Director of American Financial Group Inc (NASDAQ:AFG), reported several changes to his beneficial ownership of AFG common stock. The primary driver was a pro-rata distribution of all shares held by Seraphim Partners LLC, formerly known as CHL Investments, LLC, to its Lindner family owners "in accordance with the LLC's governing documents." All transactions coded J were assigned a price of $0, consistent with an in-kind distribution rather than a market sale.

On September 15, 2026, 838,480 shares were disposed of from the Seraphim Partners LLC indirect holding (Indirect #12). The following day, September 16, 2026, two separate receiving entities reported acquisitions: 8,385 shares moved into trusts for the benefit of the reporting party's spouse (Indirect #2), and 228,987 shares moved into the Carl H. Lindner III Family Trust DTD 8/29/02 as Amended (Indirect #1). The filing states that these totals reflect shares distributed from Seraphim in accordance with the LLC's governing documents.

A separate transaction dated November 5, 2026, recorded 32 shares disposed of from Indirect #1 under transaction code G, indicating a gift, at a price of $0, leaving that trust holding at 3,289,023 shares. The filing also lists three additional indirect holdings with no reported transactions: 525,043 shares via C3 Family Trust 2010-1, 493,602 shares via C3 QAT Dtd 9/25/20, and 103,131 shares via #13 C3 Legacy Trust 12/1/20. The filing was signed by Joseph C. Alter as attorney-in-fact for Lindner III on November 6, 2026.

What Was Disclosed

The filing disclosed changes in Carl H. Lindner III's indirect beneficial ownership of AFG common stock resulting from a pro-rata dissolution distribution from Seraphim Partners LLC to Lindner family entities, plus a small gift transaction, all reported at $0 per share.