American Family Insurance Mutual Holding Co. said the acquisition adds customers, diversifies risk and gets the company deeper into the California market.
Ameriprise Auto & Home is a business unit of Ameriprise Financial. It offers products mainly through a partnership with wholesale retailer Costo and via referrals from Ameriprise Financial advisers.
The insurer sells auto, homeowners, renters, umbrella and some specialty insurance lines policies in 43 states and the District of Columbia. In 2018 it had $1.8 billion in assets and $1.1 billion of annual direct premium written. About 70 percent of its premium is from auto insurance sales. Ameriprise Auto & Home employs 1,800 people.
American Family, which is the No. 1 insurer of homes and autos in Wisconsin, reported 2018 results of $27.5 billion in assets and $9.6 billion of direct premium written. The group employs 12,000 people through its various companies, with American Family-brand products sold through 2,500 independent contractor exclusive agents.