Infinity Property and Casualty Announces Filing of Registration Statement for a Secondary Offering

BIRMINGHAM, Ala., Nov. 18, 2003 -- Infinity Property and Casualty Corporation , a national provider of personal automobile insurance with an emphasis on nonstandard auto insurance, announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission with respect to a secondary offering of 7,850,465 shares of its common stock. All of the offered shares would be sold by American Financial Group, Inc. ("AFG") and would represent AFG's remaining ownership interest in Infinity. In addition, Infinity has granted the underwriters an option to purchase up to an additional 1,177,569 shares of common stock to cover over-allotments, if any.

Credit Suisse First Boston, Merrill Lynch & Co. and UBS Investment Bank are acting as joint book-running managers. Co-managers for the offering are Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Morgan Keegan & Company, Inc.

Infinity will not receive any of the proceeds from the sale of the shares by AFG. Proceeds from the sale of shares, if any, from the exercise of the underwriters' over-allotment option will be used by Infinity to pay down debt under its term loan and for general corporate purposes.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A written prospectus relating to the offering may be obtained from the SEC's website: http://www.sec.gov/ .