Fitch affirms Kemper

Fitch Ratings said it affirmed the insurer financial strength ratings of Kemper Corp.’s operating subsidiaries at A- and its holding company ratings, including the senior debt rating at BBB-, following its announced plan to acquire Infinity Property Casualty Corp. (IPCC).

The outlook is stable.

The action follows the announcement of the expected acquisition of IPCC for a total value of about $1.4 billion. The purchase price represents about 2 times IPCC's book value at Sept. 30, 2017.

Kemper plans to fund the transaction with a mix of cash and stock consideration as IPCC shareholders will receive $51.60 in cash and 1.2019 Kemper common shares for each share of IPCC common stock.

The transaction is expected to close in the third quarter, subject to regulatory and shareholder approvals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.