American Family Insurance Mutual Holding Company has completed its purchase of another Wisconsin-based property-casualty insurer, Ameriprise Auto & Home ("AAH").
AAH, the brand name for IDS Property and Casualty Insurance Company, is headquartered in De Pere.
American Family paid approximately $1.135 billion for the purchase from Ameriprise Financial. American Family said that it had obtained necessary approvals from Wisconsin and other state insurance commissioners.
"This acquisition marks another chapter in our transformation to reach and serve more customers on their terms," said Bill Westrate, enterprise president of American Family. "We continue to invest in our American Family agency owners for the many customers who value their personal service and advice, while providing alternatives for customers who choose to handle their insurance matters in other ways."
Mr. Westrate added, "The acquisition also broadens American Family's customer base on a geographic basis, which diversifies and further reduces the concentration of our exposure to Midwestern storms."
Jessie Stauffacher, chief operating officer at American Family Insurance since 2017, will lead AAH as president and chief executive officer, succeeding Tom Ealy.
American Family said that AAH will become a subsidiary within the American Family Insurance group under its existing name until a new name is approved by regulators.
"Ameriprise Auto & Home employees look forward to being part of a national insurance enterprise that's dedicated to delivering customer value in everything they do, and constantly seeking and investing in long-term opportunities to enhance and grow the business," Ms. Stauffacher said.
AAH sells its products – auto, homeowners, renters, umbrella, and some specialty insurance lines – in 43 states and the District of Columbia through partners such as Costco and Ameriprise Financial.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].