Ameriprise 2009 Annual Report Download - page 103
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We manage our credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties,
maintaining collateral arrangements and through the use of master netting arrangements that provide for a single net payment to be
made by one counterparty to another at each due date and upon termination. Generally, our current credit exposure on over-the-counter
derivative contracts is limited to a derivative counterparty’s net positive fair value of derivative contracts after taking into consideration
the existence of netting arrangements and any collateral received. This exposure is monitored and managed to an acceptable threshold
level.
Because exchange-traded futures are effected through regulated exchanges and positions are marked to market and generally cash settled
on a daily basis, we have minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivative
instruments.
We manage our credit risk related to reinsurance treaties by evaluating the financial condition of reinsurance counterparties prior to
entering into new reinsurance treaties. In addition, we regularly evaluate their financial strength during the terms of the treaties. As of
December 31, 2009, our largest reinsurance credit risk is related to a long term care coinsurance treaty with a life insurance subsidiary of
Genworth Financial, Inc. See Note 10 to our Consolidated Financial Statements for additional information on reinsurance.
88 ANNUAL REPORT 2009