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Ameriprise Financial closes sale of unit to American Family Insurance

Ameriprise Financial Inc. has completed the sale of its De Pere, Wis.-based unit Ameriprise Auto & Home to American Family Insurance Mutual Holding Co.

Ameriprise received gross proceeds of about $1.14 billion in cash. Following payment to an affinity partner, the net proceeds were approximately $1.04 billion, subject to certain post-closing financial adjustments.

Ameriprise Auto & Home will become a subsidiary within American Family Insurance group and operate under its current name until a new name has been approved by regulators.

American Family COO Jessie Stauffacher will become president and CEO of Ameriprise Auto & Home, succeeding Tom Ealy, who is set to retire but will remain as a consultant through the end of the year. Sharena Ali was appointed COO of the acquired entity.

Credit Suisse Securities (USA) LLC was a financial adviser and Skadden Arps Slate Meagher & Flom LLP was legal adviser to Ameriprise in the transaction. Keefe Bruyette & Woods was American Family's financial adviser, while Foley & Lardner was legal counsel.

Ameriprise Auto & Home is the brand name for IDS Property Casualty Insurance Co.