Ameriprise Captive Insurance Company (ACIC) has received a financial strength rating of “A (Excellent)” and a long-term issuer credit rating of “a+” from A.M. Best.
ACIC is a captive insurer of Ameriprise Financial, an American financial services company that provides financial planning and products, such as wealth and asset management, through its subsidiaries.
According to A.M. Best, the ratings reflect ACIC’s balance sheet strength, which is categorised as the “strongest”, with a rating enhancement from its parent company.
The Vermont domiciled captive’s ratings are also reflective of its limited business profile, appropriate enterprise risk management, and strategic importance as a single parent captive insurance provider.
The ratings agency suggested that ACIC benefits from a strong operating performance, as demonstrated by its operating ratios in eight of the last 10 years, and a very low expense ratio.
A.M. Best expects ACIC’s operating performance to remain strong in the near term.