Does IDS Property and Casualty Still Sell Insurance?
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Asked October 29, 2012
IDS property and casualty is a holding company of Ameriprise Insurance. The parent company was founded in 1894, and has risen to the top, wherever it is now listed in the top-10 financial providers, including insurance, annuities, and mutual funds. IDS property and Casualty will rarely be mentioned alone, but is simply one of the many faces which represent global Ameriprise corporation.
In 1940, Investors Syndicate created one of the world's first mutual funds, launching the company into the financial world and making it one of the leading investments of the period. In 1949, Investors Syndicate changed their name to Investors Diversified Services, Inc., or IDS for short. In 1984, American Express completed acquisition of IDS, Inc., although IDS continued to do business under their proprietary name. In 1986, IDS Property Casualty was formed out of the acquisition of Wisconsin Employers Casualty Company, and continued to do business under that name until 1994 when the company began to do business under the American Express brand.
Products the Company Sold
From car insurance to life insurance and annuities, IDS Property and Casualty sold most insurance products. The company itself was a primarily a holding company, selling insurance products underwritten by the parent company or other subsidiaries. Through the parent company, policies were available for auto, home, and life insurance. Mutual funds and annuities were and are still available and underwritten by Ameriprise Financial.
What Happened to the Company?
IDS Property and Casualty today exists solely as a holding company for Ameriprise Insurance. IDS is still listed as a possession of that company, and still does business under the Ameriprise name. The company does not operate as a separate entity at this time, although it is still rated by financial ratings companies, inheriting the A+ rating of the parent corporation.
Answered October 29, 2012 by Anonymous