American Family Insurance’s $1 Billion Acquisition of Ameriprise Auto & Home Insurance

America Family was advised on legal matters by Foley & Lardner and on financial matters by Keefe, Bruyette & Woods, a Stifel Company.

Madison, Wisconsin-based American Family Insurance Mutual Holding Company has reached agreement to acquire Ameriprise Auto & Home (AAH), a De Pere, Wisconsin-based property-casualty insurance provider that primarily sells its products through a partnership with wholesale retailer Costco.

The acquisition of Ameriprise Auto & Home, a business unit of Ameriprise Financial, is expected to close during the second half of 2019, pending regulatory approval and satisfaction of other customary closing conditions. American Family Insurance group is acquiring Ameriprise Auto & Home for approximately $1.05 billion, subject to certain post-closing financial adjustments.

AAH will become a subsidiary within the American Family Insurance group and operate under its existing name until a new name is identified and approved by regulators. It’s planned that all AAH employees will be retained and report to the subsidiary. Current Ameriprise Auto & Home customers will retain their policies with no change in coverage or service.

oley & Lardner represented American Family Insurance Mutual Holding Company with a team including Anne E. Ross (Picture), Maureen C. Easton, and Thomas R. Hrdlick

Involved fees earner: Maureen Easton – Foley & Lardner LLP; Thomas Hrdlick – Foley & Lardner LLP; Anne Ross – Foley & Lardner LLP;

Law Firms: Foley & Lardner LLP;

Clients: American Family Insurance Company;

Author: Ambrogio Visconti