Kemper Completes Divestiture of Reserve National

Rhea-AI Summary

Kemper Corporation (NYSE: KMPR) has successfully completed the sale of Reserve National Insurance Company and its subsidiaries to Medical Mutual of Ohio, following necessary regulatory approvals. The transaction provides Kemper with approximately $88 million in cash. CEO Joseph P. Lacher, Jr. stated this marks a significant step in Kemper's strategic initiatives, allowing them to concentrate on core capabilities and enhance stakeholder value. With about $13 billion in assets, Kemper continues to serve over six million policies across its various insurance brands.

Positive

• Completion of the sale of Reserve National Insurance Company enhances focus on core capabilities.
• Kemper receives approximately $88 million in cash, strengthening its financial position.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- Kemper Corporation (NYSE: KMPR) announced today that it has completed the sale of Reserve National Insurance Company and its subsidiaries to Medical Mutual of Ohio. Kemper previously announced on August 1, 2022 that it had agreed to sell Reserve National to Medical Mutual.

The transaction closed after all required regulatory approvals were received and will result in Kemper receiving approximately $88 million of cash consideration for all of the Reserve National assets.

“The close of this transaction represents another milestone in the execution of our strategic initiatives,” said Joseph P. Lacher, Jr., Kemper’s President, CEO and Chairman. “It enables us to increase our focus on our core capabilities where we have the highest potential for success and to deliver ongoing value to our stakeholders. We’re very pleased the Reserve National team will be working with a strong partner to invest in and grow the business.”

About Kemper

The Kemper family of companies is one of the nation’s leading specialized insurers. With approximately $13 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalized solutions to individuals, families and businesses through its Auto, Personal Insurance and Life brands. Kemper serves over six million policies, is represented by approximately 33,500 agents and brokers, and has approximately 10,100 associates dedicated to meeting the ever-changing needs of its customers. Learn more about Kemper.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221201005970/en/

Investors: Karen Guerra, 312.668.9720, investors@kemper.com

News Media: Barbara Ciesemier, 312.661.4521, bciesemier@kemper.com

Source: Kemper Corporation

FAQ

What was the recent transaction involving Kemper Corporation (KMPR)?

Kemper Corporation recently sold Reserve National Insurance Company and its subsidiaries to Medical Mutual of Ohio.

How much did Kemper receive from the sale of Reserve National Insurance Company?

Kemper received approximately $88 million in cash from the sale.

What is the significance of the sale for Kemper Corporation?

The sale allows Kemper to focus on its core capabilities and improve stakeholder value.

When did Kemper announce the agreement to sell Reserve National Insurance Company?

Kemper announced the agreement on August 1, 2022.

What are the total assets of Kemper Corporation?

Kemper Corporation has approximately $13 billion in assets.