American Family to Purchase Ameriprise Auto & Home
As part of its efforts to remain profitable, Ameriprise Financial recently signed a definitive agreement to sell the Ameriprise Auto & Home business to American Family Insurance Mutual Holding Company.
April 4, 2019
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.
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