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Kemper Sticking to its Demutualization Playbook
By Robert Warne - January 20, 2003

The Kemper Insurance Companies has been shuffling some of its business around recently in order to realign itself with a profitable balance sheet as it prepares for demutualization. Just in January alone, the Chicago-based carrier pulled off three impressive transactions.

After its financial ratings took a hit by the rating agencies, an alliance with Berkshire Hathaway’s National Indemnity Co. proved crucial in the form of a cut-through agreement.

With National’s A++ paper, Kemper can retain a greater portion of it’s accounts that require the financial stability of an A rating.

Kemper also unloaded some of its risk when it agreed Jan. 15 to sell a significant number of its large risk national accounts to Old Republic Insurance Co.

Kemper Chairman and CEO David B. Mathis said, “This agreement is in keeping with Kemper's strategy to become a smaller, more profitable company, allowing us the opportunity to enhance our balance sheet and allocate capital and resources to support other lines of business.”

What Kemper actually sold was it’s unbundled risk management accounts, but it retains the existing liabilities associated with the accounts. An unbundled arrangement allows Old Republic the flexibility to contract out the claims administration of its new accounts.

The Hartford Financial Services Group also moved in on Kemper’s sales frenzy and picked up the renewal rights to a significant portion of Kemper’s group captives business Jan 16.

“This transaction is another in a series of steps Kemper is taking to become primarily a standard commercial lines insurance provider,” said Mathis.

Now a little leaner and with the National Indemnity cut-through teeth, it looks like Kemper is going to do what it takes to bring it’s financial strength back into the A zone.

 
 

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