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American Family Financial Services

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Record storm claims cut into 2017 earnings for American Family Insurance

A record $1.5 billion in claims from storm damage led to a 52% drop in earnings for American Family Insurance last year, the company said Tuesday.

American Family, which insures more cars and homes in Wisconsin than any other firm, posted net income of about $155.6 million in 2017, compared with $325.6 million in 2016. Higher auto insurance claims also cut into profits.

But the Madison-based insurer said investment gains and policy growth helped it nonetheless boost its policyholder equity, a cushion against unexpected losses that is a key measure of an insurance company’s financial strength.

The company reported 2017 financial results Tuesday at its annual meeting.

“It was a busy year for American Family,” Jack Salzwedel, chairman and chief executive officer of American Family, said in a statement. “In 2017, we had an historic opportunity to work with our customers. Whether they had a claim, needed a new or an additional policy or had a service question, our agents and employees were there for them.

Business Briefs for March 12

Meister said.

The American Association for Physician Leadership is the nation’s largest organization solely focused on leadership education and management training for physicians. The CPE certification is an industry benchmark for the most accomplished and influential physician leaders, speaking to the physician’s commitment to improving patient care. Dr. Meister joins a list of 3,300 Certified Physician Executives nationwide.

Corey J. Skogrand reaches career milestone at Ameriprise Financial

Corey J. Skogrand, CFP, ChFC, CLU with Van der Hagen, Skogrand & Associates, a private wealth advisory practice of Ameriprise Financial Services, Inc. in Marshall, has reached a career milestone through the company’s Circle of Success program by achieving years of consistently high performance. Less than 7 percent of Ameriprise advisers have earned this distinction. Skogrand was one of only 56 advisers to achieve this milestone and will be recognized at the company’s 2018 National Conference in San Francisco, California.

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