Ameriprise Auto & Home sold for $1.05 billion

Posted on Apr 5, 2019 :: Insight on Business, Web Exclusive.
Posted by of Insight Publications

American Family Insurance is buying De Pere-based Ameriprise Auto & Home for $1.05 billion.

A division of Ameriprise Financial, Ameriprise Auto & Home (AAH) has 1,800 employees and sells auto, homeowners, renters, umbrella and some specialty insurance lines in 43 states and the District of Columbia.

In 2018, AAH reported $789 million in surplus, $1.8 billion in assets and $1.1 billion of annual direct premium written. Approximately 70 percent of the company’s premium is from auto insurance sales.

American Family said it will retain AAH’s workforce but plans on renaming the division.

American Family reported that a significant majority of AAH’s policies are sold through a partnership with Costco, which offers AAH policies to its members through its website. American Family and Costco have entered into a letter of intent to continue that partnership.

The deal is expected to close in the second half of 2019.