IDS P/C, Amex Affirmed

The “BBBpi” financial strength rating on IDS Property Casualty Insurance Company was affirmed by S&P. The overall objective of the Wisconsin-based company, a wholly owned subsidiary of American Express Company, is to handle automobile and homeowners insurance for American Express card members or financial advisors’ clientele. The rating does not include additional credit for implied group support.

In a separate rating action, S&P affirmed the “Api” financial strength rating on Amex Assurance Company, which is also a subsidiary of American Express Co. and mainly writes airflight insurance, baggage protection and travel accident insurance. In addition, the company serves as a channel for the sale of personal lines, primarily auto and homeowners, for its affiliate IDS Property Casualty Insurance Co.