A.M. Best Affirms Credit Ratings of IDS Property Casualty Insurance Company and Its Subsidiary
The ratings reflect Ameriprise P&C’s balance sheet strength, which
The balance sheet strength is derived from risk-adjusted capitalization at the strongest level, which benefits from a high credit quality investment portfolio and comprehensive reinsurance program, but is partially offset by generally adverse prior-year loss reserve development patterns observed in recent years. Ameriprise P&C had to rely on capital contributions totaling
Operating performance is considered marginal, as evidenced by
Ameriprise P&C’s business profile is considered limited due to the concentration of business derived from its affinity relationship with Costco Wholesale Corporation, which accounted for 72% of total earned premiums in 2017. Geographic concentration also exists as 33% of direct premiums written in 2017 were derived from
The ratings receive enhancement based on the companies’ strategic importance to
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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