Kemper Announces Exit from Preferred Home and Auto Business
07 Agosto 2023 - 10:05PM
Business Wire
Kemper Corporation (NYSE: KMPR) announced today that it is
exiting the preferred home and auto insurance market, sold through
its Kemper Personal Insurance brand, and will actively reduce the
business immediately, with all policies being non-renewed or
canceled in accordance with applicable state regulations.
The company’s preferred property and casualty business includes
eight underwriting companies which comprise approximately $500
million of written premium. The company announced the preferred
business was under strategic review in November 2022.
“The decision to exit the business was made after thoughtful
evaluation of our options and considered the most effective and
efficient way to support our stakeholders,” said Joseph P. Lacher,
Jr., Kemper’s President, CEO and Chairman. “It enables us to
release capital and increase the resources available to support our
core specialty auto and life businesses.”
Kemper previously announced an after-tax goodwill impairment
charge of $45.5 million in connection with the strategic review of
its preferred home and auto business. This announcement has no
impact on the company’s specialty auto business, Kemper Auto, and
its life business, Kemper Life.
Kemper management will be available to answer questions during
the Company’s second quarter earnings conference call on Monday,
August 7 at 5:00 p.m. Eastern Time. Details can be found in the
investor section of Kemper.com.
About Kemper
The Kemper family of companies is one of the nation’s leading
specialized insurers. With approximately $13 billion in assets,
Kemper is improving the world of insurance by providing affordable
and easy-to-use personalized solutions to individuals, families and
businesses through its Kemper Auto, Kemper Personal Insurance, and
Kemper Life brands. Kemper serves over 4.9 million policies, is
represented by approximately 26,000 agents and brokers, and has
approximately 8,800 associates dedicated to meeting the
ever-changing needs of its customers. Learn more about Kemper at
kemper.com.
Cautionary Statements Regarding Forward-Looking
Information
This press release may contain 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. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230807812471/en/
Investors: Karen Guerra, 312.668.9720, investors@kemper.com News
Media: Barbara Ciesemier, 312.661.4521, bciesemier@kemper.com
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