AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of American Family Connect Property and Casualty Insurance Company and Its Subsidiary
OLDWICK, N.J.--(BUSINESS WIRE)--Nov 21, 2019--
AM Best has maintained the under review with developing implications status for the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of American Family Connect Property and Casualty Insurance Company (formerly known as IDS Property Casualty Insurance Company) and its wholly owned, fully reinsured subsidiary, American Family Connect Insurance Company (formerly known as Ameriprise Insurance Company). Previously, these were referred to as Ameriprise P&C Companies (De Pere, WI).
These Credit Ratings (ratings) were placed under review with developing implications on April 3, 2019, following an announcement that Ameriprise Financial, Inc. had entered into an agreement to sell Ameriprise P&C Companies to American Family Insurance Mutual Holding Company (American Family Insurance). At that time, AM Best indicated that the ratings would remain under review until the transaction was completed and an assessment of Ameriprise P&C Companies’ role within American Family Insurance could be determined.
Maintenance of the under review with developing implications follows completion of the acquisition on Oct. 1, 2019. Additional time is necessary to gauge the depth and breadth of support provided by American Family Insurance to Ameriprise P&C Companies. AM Best will continue to monitor the group’s risk-adjusted capitalization, operating performance and business profile. Subsequently, these companies will be referred to as American Family Connect P&C Companies.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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KEYWORD: WISCONSIN NEW JERSEY EUROPE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES INSURANCE
SOURCE: AM Best
Copyright Business Wire 2019.
PUB: 11/21/2019 04:26 PM/DISC: 11/21/2019 04:26 PM