American Family to Purchase Ameriprise Auto & Home
April 4, 2019—As part of its efforts to remain profitable by focusing on core growth businesses, Ameriprise Financial, Inc. AMP signed a definitive agreement to sell the Ameriprise Auto & Home (AAH) business to the subsidiary of American Family Insurance Mutual Holding Company.
AAH is a business unit of Ameriprise, which is based in De Pere, WI. Ameriprise conducted a strategic review of the AAH business.
Per the terms of the agreement, American Family Insurance will pay $1.05 billion in cash in the transaction. However, Ameriprise will receive net proceeds of $950 million after paying to an affinity partner. This business deal is subject to certain post-closing financial adjustments.