Ameriprise Insurance selling to American Family Insurance - thoughts?

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NDS
Posts: 61
Joined: Sun Dec 29, 2013 2:09 am

Ameriprise Insurance selling to American Family Insurance - thoughts?

Post by NDS »

I buy all of my insurance (auto/home/etc) through Costco, and their provider has been Ameriprise. Prices are fine, never had to file a claim so haven't tested that, largely relying on Costco reputation. Apparently Ameriprise is now selling their insurance business to a company called American Family who seem to be a `middle tier' player from quick Googling. Costco's site says effectively `everything stays the same', but any feedback from folks either in same situation, or have experience with American Family Insurance as a provider for auto/home?
Jazzysoon
Posts: 126
Joined: Tue Jan 09, 2018 3:05 pm

Re: Ameriprise Insurance selling to American Family Insurance - thoughts?

Post by Jazzysoon »

I switched to American Family a number of years ago. They have a large presence where I live in Midwest. Rates seem comparable, office staff has always been very responsive. With my bundled Home/Auto policies, when I looked to add Umbrella ins, rate was great. I've also added extra ins ($25/yr) to cover longer term car rentals.

BUT I've never filed a claim so I don't have any experience on the claims paying side of AMFAM.
Last edited by Jazzysoon on Thu Jul 18, 2019 2:00 pm, edited 1 time in total.
jbmitt
Posts: 536
Joined: Mon Jul 14, 2008 1:00 am

Re: Ameriprise Insurance selling to American Family Insurance - thoughts?

Post by jbmitt »

American Family also operates Homesite and The General. They have a track record of keeping standalone companies. They’re also a Fortune 500, so not much to worry about.
Sconie
Posts: 922
Joined: Sun Feb 07, 2010 10:23 am
Location: Arizona

Re: Ameriprise Insurance selling to American Family Insurance - thoughts?

Post by Sconie »

I recall reading about the transaction when it was announced this past spring, with some of the commentary advancing the idea that it would help AmFam by helping to spread storm risk (AmFam book of business is concentrated in the Midwest U.S.), while others opined that AmFam may have paid too much for Ameriprise----the selling price being (IIRC) slightly over $1B.

For several years I had my home, auto and umbrella coverage with Ameriprise/Costco, but switched earlier this year to another carrier, the same after repeated annual premium increases, such running 2x-3x-4x inflation. I had never filed a claim with Ameriprise so I can not comment on that aspect of their service. Otherwise, every time I did go out to obtain quotes my coverage, I always found Ameriprise to be priced more competitively than AmFam.
I know you think you understand what you thought I said but I'm not sure you realize that what you heard is not what I meant. - Alan Greenspan
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