The Kemper Insurance Companies has reached a definitive agreement to sell the renewal rights to a significant number of its large risk national accounts to Old Republic Insurance Company, a wholly owned subsidiary of Old Republic International Corporation.
“This transaction will be good for both Kemper and Old Republic,” Kemper chairman and CEO David Mathis commented. “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.”
Old Republic is purchasing the renewal rights to Kemper’s unbundled risk management accounts and will not be assuming liabilities under existing policies.
“Kemper’s unbundled business is a good fit with our business,” Jim Kellogg, president of Old Republic’s property and liability insurance segment, remarked. “We’re excited about this opportunity. Although there is no guaranty we’ll renew each of the accounts, we feel that this book of business represents a good strategic fit with Old Republic.”
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