Financial Services Industry
Industry: Email Alert RSS FeedBeleaguered Kemper to cease underwriting, sell renewals. (Late Breaking News).(Kemper Insurance Companies)
National Underwriter Property & Casualty-Risk & Benefits Management, March, 2003 by Ha, Michael
A mid its disappointing 2002 yearend results, Kemper Insurance Companies announced that it will cease underwriting activities and sell its core middle-market business to a new firm capitalized by equity investment firms, including an affiliate of giant rein-surer Swiss Re. The Long Grove, Ill.-based insurer said it will cease underwriting activities except as necessary to meet its existing obligations.
Going forward, Kemper will focus on expanding opportunities for its claim and insurance services platform to sell its capabilities to current and new customers, the company said. Under its deal with New York-based Securitas Capital LLC, an affiliate of Swiss Re, and others, Kemper will receive commissions on the renewals and other unspecified financial benefits...
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