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Kemper acquires auto insurance provider Infinity

Published 03 July 2018

US insurance major Kemper has completed acquisition of Infinity Property and Casualty, an auto insurance provider focused on serving the specialty, nonstandard segment.

Kemper also announced the election of Teresa A. Canida as a director of the company, effective as of the closing.

Pursuant to the terms of the merger agreement dated February 13, 2018, the total consideration payable to Infinity shareholders in the cash and stock transaction is valued at approximately $1.6 billion, based on Kemper’s closing stock price of $75.65 on June 29, 2018.

Infinity, one of the largest nonstandard auto insurers in the country, has approximately 2,300 employees, 10,600 independent agents, and $1.4 billion in 2017 direct written premiums.

Kemper president and CEO Joseph Lacher said: “The close of this transaction marks an exciting milestone for our employees, agents, customers and shareholders.

“The combination of our organizations will accelerate our ability to create a company with increased scale and better serve our policyholders.

“We welcome the Infinity team to Kemper and know that their talent, capabilities and leadership in the specialty auto market will strongly complement our efforts to become a market leader in nonstandard auto insurance, and will drive meaningful value for all our stakeholders.”

Canida joins Kemper’s Board of Directors after having served as an Infinity director since 2009. Currently holding the roles of Principal and Portfolio Manager at Cito Capital Group, LLC, Canida previously served in various capacities with Taplin, Canida & Habacht, including Chairperson, President, Managing Principal and Chief Compliance Officer.

Concurrently with Canida’s election, Kemper’s Board was expanded to 11 members.

Kemper board of directors chairman Robert Joyce said: “Tere is an accomplished leader and a natural fit for our board.

“She will be a great partner for Kemper as we move forward with our strategic combination and expand the markets we serve. We look forward to her insight and contributions to help us drive long-term stakeholder value.”

Source: Company Press Release