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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 26, 2020 12:04 PM (EDT)
AM Best has removed from under review with developing implications and affirmed 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). These companies will be referred to as American Family Connect P&C Companies (De Pere, WI). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect American Family Connect P&C Companies’ balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.
The rating action reflects the role these companies will have as members of American Family Insurance Group. Explicit support is provided to the companies through their participation in an inter-company reinsurance program with American Family Mutual Insurance Company, S.I.
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 Guide to 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 analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.