Ameriprise Financial Inc. is selling its property and casualty insurance business for $1.05 billion, the Minneapolis-based company announced Tuesday.
A subsidiary of Madison, Wis.-based American Family Insurance Mutual Holding Co. is buying Ameriprise Auto & Home, which is based in De Pere, Wis. The net proceeds to Ameriprise will be about $950 million.
Ameriprise, which originally bought the insurance business in the 1980s, is looking to focus more on asset and wealth management. The company…
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