AM Best Places Credit Ratings of IDS Property Casualty Insurance Company and Its Subsidiary Under Review With Developing Implications
OLDWICK, N.J.--(BUSINESS WIRE)--Apr 3, 2019--AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of IDS Property Casualty Insurance Company (IDS) and its wholly owned, fully reinsured subsidiary, Ameriprise Insurance Company (collectively referred to as Ameriprise P&C Companies) (De Pere WI).
The Credit Rating (rating) action follows the announcement on April 2, 2019, by Ameriprise Financial, Inc., the parent company of Ameriprise P&C Companies, that Ameriprise P&C Companies will be acquired by a subsidiary of American Family Insurance Mutual Holding Company (American Family Insurance). The transaction, pending regulatory approval, is expected to close in the second half of 2019.
The ratings will remain under review pending completion of AM Best’s analysis of the transaction and assessment of Ameriprise P&C Companies’ role within American Family Insurance. Furthermore, AM Best will evaluate the level of parental support to be provided by American Family Insurance post-acquisition, to determine potential rating action. AM Best also will monitor any interim developments and take any necessary rating action as deemed appropriate.
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 rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY WISCONSIN
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: AM Best
Copyright Business Wire 2019.
PUB: 04/03/2019 08:59 AM/DISC: 04/03/2019 08:58 AM