AFFS, fully guaranteed by AFMIC, is a logical extension of the
to its guarantee, AFMIC and its affiliates provide lines of credit
The commercial paper rating of AFFS, a subsidiary primarily engaged in the business of making consumer loans and providing lines of credit, reflects the strength of American Family as well as the explicit guarantee of the debt by AFMIC
The group consists of the parent, AFMIC
, a personal lines insurer; three other operating personal lines carriers ceding all risk to AFMIC
(American Family Insurance Co.
), a personal lines insurer, three other operating personal lines carriers ceding all risk to AFMIC
, and American Family Life Insurance Co.
In addition to its guarantee, AFMIC
and its affiliates provide lines of credit backing at least 50% of current borrowings under AFFS's $300 million 3(a)3 commercial paper program.
The double-'Api' rating reflects explicit parent support received by the company, as evidenced by a reinsurance agreement whereby 100% of the company's business is assumed by AFMIC