Ratner, a native of nearby Wynote, PA and a graduate of U. of Penn's Wharton School of Business, is the former CFO of New York-based PaineWebber Real Estate Fund I, LP, a real estate opportunity fund that acquired and owned interests in more than $900 million worth of real estate assets between 1991 and 2000. He also served as an investment banker with PaineWebber Inc., most recently as a managing director specializing in capital markets and merger and acquisition transactions for REITs and hotel companies. As such, he was involved in implementing PaineWebber's direct investments in real estate, including approximately $2 billion of commercial assets.

"Jim brings an exceptional level of experience in real estate finance and capital markets as well as specialized knowledge in the unique financial, accounting and tax issues facing REITs," says Nicholas S. Schorsch, American Financial's president and CEO.

Lewis S. Ranieri, chairman, adds, "I know Jim from his work at PaineWebber and believe that he makes a strong addition to the company's senior management team." According to an American Financial statement, Ciorletti is leaving to pursue other personal and professional interests. Both Ranieri and Schorsch express appreciation for his contributions to the REIT, which specializes in the acquisition and leasing of properties occupied by financial institutions.