GFR Greenfire Resources Ltd

Great American Financial Resources, Inc. ("GAFRI") (NYSE:GFR) announced today that it has called for redemption all of the 8-7/8% trust preferred securities issued by its wholly-owned subsidiary trust, American Annuity Group Capital Trust II. The trust preferred securities will be redeemed on March 1, 2007 at a price of $1,055.74, which includes accrued and unpaid dividends of $11.34 per security. There are currently $75 million principal amount of the preferred securities outstanding, including approximately $53 million owned by the Company and one of its subsidiaries. The funds for this redemption will come from amounts borrowed under the Company�s revolving credit facility. About GAFRI GAFRI is a Cincinnati-based insurance holding company with $13 billion in assets. The Company's subsidiaries include Great American Life Insurance Company, Annuity Investors Life Insurance Company, Central Reserve Life Insurance Company, Continental General Insurance Company, United Teacher Associates Insurance Company and Loyal American Life Insurance Company. Through these companies, GAFRI markets traditional fixed, indexed and variable annuities and a variety of supplemental insurance products. www.gafri.com