(Bloomberg) -- HC2 Holdings Inc. agreed to buy two units from American Financial Group Inc. as Chairman and Chief Executive Officer Philip Falcone pushes into insurance in his latest venture.

The target companies have a portfolio of about $1.2 billion that Falcone’s company can invest, according to a statement Tuesday from Herndon, Virginia-based HC2. The buyer will make an initial payment of $7 million, and the price could be adjusted based on the units’ results.

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