CHICAGO--(BUSINESS WIRE)--
Kemper Corporation (NYSE: KMPR)
today announced that it has closed the acquisition of Infinity Property
and Casualty Corporation, a leading provider of auto insurance focused
on serving the specialty, nonstandard segment. Kemper also announced the
election of Teresa A. Canida as a director of the company, effective as
of the closing.
Pursuant to the terms of the merger agreement dated February 13, 2018,
the total consideration payable to Infinity shareholders in the cash and
stock transaction is valued at approximately $1.6 billion, based on
Kemper’s closing stock price of $75.65 on June 29, 2018. Infinity, one
of the largest nonstandard auto insurers in the country, has
approximately 2,300 employees, 10,600 independent agents, and $1.4
billion in 2017 direct written premiums.
“The close of this transaction marks an exciting milestone for our
employees, agents, customers and shareholders,” said Joseph P. Lacher,
Jr., Kemper’s President and Chief Executive Officer. “The combination of
our organizations will accelerate our ability to create a company with
increased scale and better serve our policyholders. We welcome the
Infinity team to Kemper and know that their talent, capabilities and
leadership in the specialty auto market will strongly complement our
efforts to become a market leader in nonstandard auto insurance, and
will drive meaningful value for all our stakeholders.”
Canida joins Kemper’s Board of Directors after having served as an
Infinity director since 2009. Currently holding the roles of Principal
and Portfolio Manager at Cito Capital Group, LLC, Canida previously
served in various capacities with Taplin, Canida & Habacht, including
Chairperson, President, Managing Principal and Chief Compliance Officer.
Concurrently with Canida’s election, Kemper’s Board was expanded to 11
members.
“Tere is an accomplished leader and a natural fit for our board,” said
Robert J. Joyce, Kemper Chairman of the Board of Directors. “She will be
a great partner for Kemper as we move forward with our strategic
combination and expand the markets we serve. We look forward to her
insight and contributions to help us drive long-term stakeholder value.”
About Kemper Corporation
The Kemper family of companies is one of the nation’s leading insurers.
With $11 billion in assets, Kemper is improving the world of insurance
by offering personalized solutions for individuals, families and
businesses. Through our businesses, Kemper:
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Offers insurance for auto, home, life, health and valuables
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Services approximately seven million policies
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Is represented by more than 30,000 agents and brokers
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Employs over 7,800 associates dedicated to providing exceptional
service
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Is licensed to sell insurance in 50 states and the District of Columbia
Learn more about Kemper.
Caution Regarding Forward-Looking Statements
This press release may contain or incorporate by reference information
that includes or is based on forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements give
expectations or forecasts of future events, and can be identified by the
fact that they relate to future actions, performance or results rather
than strictly to historical or current facts.
Any or all forward-looking statements may turn out to be wrong, and,
accordingly, readers are cautioned not to place undue reliance on such
statements, which speak only as of the date of this press release.
Forward-looking statements involve a number of risks and uncertainties
that are difficult to predict, and are not guarantees of future
performance. Factors that could cause actual results and financial
condition to differ materially from estimated results and financial
condition include, without limitation, (i) the possibility that the
anticipated benefits from the transaction may not be fully realized or
may take longer to realize than previously expected, (ii) unanticipated
difficulties or expenditures related to the transaction, including the
diversion of management, financial and other resources to ongoing
integration efforts, (iii) the potential adverse effect on relationships
with agents, employees and business partners, (iv) the ability to hire,
retain and motivate key employees, including those experienced with
post-transaction integration efforts, (v) the outcome of legal
proceedings related to the transaction and (vi) those factors listed in
annual, quarterly and periodic reports filed by Kemper Corporation
(“Kemper”) with the Securities and Exchange Commission (the “SEC”). No
assurances can be given that the results and financial condition
contemplated in any forward-looking statements will be achieved or will
be achieved in any particular timetable. Kemper assumes no obligation to
publicly correct or update any forward-looking statements as a result of
events or developments subsequent to the date of this press release. The
reader is advised, however, to consult any further disclosures Kemper
makes on related subjects in its filings with the SEC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180702005817/en/
Kemper Corporation
News Media:
Barbara Ciesemier
312.661.4521
bciesemier@kemper.com
or
Investors:
Michael
Marinaccio
312.661.4930
investors@kemper.com
Source: Kemper Corporation