S&P affirms Kemper

S&P said it affirmed its ratings on Kemper Group following the company's announcement that it had agreed to purchase Infinity Property & Casualty Corp. (Infinity) for about $1.4 billion in cash and stock. The outlook is stable.

At the same time, S&P said it is placing all of its ratings on the Infinity on CreditWatch with negative implications.

“Our rating actions follow the announcement that Kemper and Infinity have entered into a merger agreement under which Kemper will acquire Infinity for about $1.4 billion in cash and stock considerations. We expect the transaction to close in the second half of 2018 pending shareholder and regulatory approvals,” S&P said in a news release.

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