Kemper Corporation

Last updated
Kemper Corporation
Company type Public
NYSE:  KMPR
S&P 400 Component
Industry Insurance
Founded1990;34 years ago (1990)
Headquarters200 East Randolph Street
Chicago, Illinois, US
Key people
Joseph P. Lacher, Jr. (president, CEO, and Chairman of the Board)
RevenueIncrease2.svg US$5,206 million (2020) [1]
Increase2.svg US$510.1 million (2020) [1]
Increase2.svg US$409.9 million (2020) [1]
Total assets Increase2.svg US$14,342 million (2020) [2]
Number of employees
10,000 (2021) [1]

Kemper Corporation is an American insurance provider with corporate headquarters located in Chicago, Illinois. With nearly $13 billion in assets, the Kemper family of companies provides insurance to individuals, families, and businesses. [3]

Contents

History

Kemper Corporation was originally founded as Unitrin, Inc. in April 1990, when it spun off from Henry Singleton's conglomerate Teledyne. Singleton expected the new venture to duplicate the successful spin off of the Argo Group, originally a workers’ compensation insurance provider, created in 1986. Argonaut's original $20 per share stock appreciated 240 percent by 1990. [3] Singleton remained Chairman of Unitrin after it was spun off to shareholders at $31.25 per share, trading on NASDAQ. Unitrin divided its business into three major categories: life and health insurance, property and casualty insurance, and consumer finance, which covered a variety of services including automobile and industrial loans. [3]

In 2002, Unitrin purchased the renewal rights for the homeowners and automobile insurance lines of Kemper Insurance, a long-time Chicago insurance and financial services firm. [4] [5] [6]

In 2010, Unitrin purchased all rights to the Kemper name, and began operations as Kemper Corporation on August 25, 2011, with trading on the New York Stock Exchange under the KMPR ticker symbol. [7]

In November 2015, Joseph P. Lacher, Jr. was appointed President and Chief Executive Officer.

The company unified and refreshed its brand in October 2018. [8]

Fortune Magazine included Kemper on its 2020 list of the 100 Fastest-Growing Companies. [9]

In May 2021, Joseph P. Lacher, Jr. was elected Chairman of the Board, in addition to his role as President and Chief Executive Officer. Since Lacher was appointment Chairman, Kemper Corporation has posted consecutive quarterly losses, had its credit ratings lowered by Fitch and Standard & Poor's, lost $2 billion in market cap, reduced policies in force by 15 percent and extended its credit to pay for its dividend.

On November 23, 2020, the company announced it had entered into a definitive agreement to acquire American Access Casualty Company and its related captive insurance agency, Newins Insurance Agency Holdings, LLC, and its subsidiaries (collectively “AAC”), in a cash transaction valued at $370 million. [10] On April 1, 2021, the company announced it had completed the acquisition of AAC. [11] AAC provided specialty private passenger auto insurance in Arizona, Illinois, Indiana, Nevada and Texas.

The Kemper Open was a professional golf tournament on the PGA Tour for 35 years, from 1968 through 2002. [12] [13]

Acquisitions

In April 2015, Kemper acquired Alliance United Insurance Company, one of the fastest growing auto insurance providers in the State of California. Source: [14]

In July 2018, Kemper acquired Infinity Property and Casualty Corporation (NASDAQ: IPCC), an auto insurance provider focused on serving the specialty, nonstandard segment, in a cash and stock transaction valued at approximately $1.4 billion. [15]

In April 2021, Kemper completed the acquisition of Downers Grove, Illinois based American Access Casualty Company. American Access Casualty Company specializes in automobile insurance directed towards the Hispanic community. [16]

Subsidiaries

Kemper Property & Casualty

Kemper’s Property & Casualty Insurance segment includes the following businesses:

Property & Casualty Insurance Companies

Kemper Life & Kemper Health

Kemper’s Life & Health insurance segment is made up of the following businesses:

Life & Health Insurance Companies

Other Affiliated Insurance Companies

Related Research Articles

<span class="mw-page-title-main">Wesco Financial</span> U.S. financial services company

Wesco Financial Corporation was an American diversified financial corporation headquartered in Pasadena, California. Wesco was originally the holding company for Mutual Savings, a savings and loan association. Mutual Savings' thrift operations were sold to CenFed Bank in 1993. It was for a long time 80.1% owned by Blue Chip Stamps, which is now completely and fully owned by Berkshire Hathaway, which is controlled by legendary investor Warren Buffett. Charlie Munger, the vice-chairman of Berkshire Hathaway and Buffett's business partner, served as CEO and Chairman of Wesco from 1984 to 2011. Munger, formerly a practicing attorney, is known for his straight-shooting style and his conduct at the now discontinued Wesco shareholder meetings in Pasadena, where he used to interact with the outside investors at considerable length. In June 2011, Berkshire Hathaway acquired the approximately 20% of Wesco that it did not already own, making it a wholly owned subsidiary of that company.

<span class="mw-page-title-main">Zurich Insurance Group</span> Swiss insurance company

Zurich Insurance Group Ltd is a Swiss insurance company, headquartered in Zürich, and the country's largest insurer. As of 2021, the group is the world's 112th largest public company according to Forbes' Global 2000s list, and in 2011, it ranked 94th in Interbrand's top 100 brands.

Chubb Limited is an American company incorporated in Zürich, Switzerland. It is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and is the largest publicly traded property and casualty insurance company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.

<span class="mw-page-title-main">American Family Insurance</span> American private mutual company

American Family Insurance, also abbreviated as AmFam, is an American private mutual company that focuses on property, casualty, and auto insurance, and also offers commercial insurance, life, health, and homeowners coverage as well as investment and retirement-planning products. It is a Fortune 500 company and its revenues were over $9.5 billion in 2017.

<span class="mw-page-title-main">Liberty Mutual</span> American multinational insurance company

Liberty Mutual Group is an American diversified global insurer and the sixth-largest property and casualty insurer in the world. It ranks 71st on the Fortune 100 list of largest corporations in the United States based on 2020 revenue. Based in Boston, Massachusetts, and featuring the Statue of Liberty on its logo, it employs over 45,000 people in more than 900 locations throughout the world. As of December 31, 2021, Liberty Mutual Insurance had $156.043 billion in consolidated assets, $128.195 billion in consolidated liabilities and $48.2 billion in annual consolidated revenue.

<span class="mw-page-title-main">The Travelers Companies</span> American insurance company

The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents. Travelers is incorporated in Minnesota, with headquarters in New York City, and its largest office in Hartford, Connecticut. It has been a component of the Dow Jones Industrial Average since June 8, 2009.

Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.

<span class="mw-page-title-main">Ameriprise Financial</span> Financial services company

Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.

<span class="mw-page-title-main">Erie Insurance Group</span> American insurance company

Erie Insurance Group, based in Erie, Pennsylvania, is a property and casualty insurance company offering auto, home, business and life insurance through a network of independent insurance agents. As of 2021, Erie Insurance Group is ranked 347th on the 2021 Fortune 500 list of largest American corporations, based on total revenue for the 2020 fiscal year.

<span class="mw-page-title-main">The Hartford</span> US-based insurance and investment company

The Hartford Financial Services Group, Inc., usually known as The Hartford, is a United States-based investment and insurance company. The Hartford is a Fortune 500 company headquartered in its namesake city of Hartford, Connecticut. It was ranked 160th in Fortune 500 in the year of 2020. The company's earnings are divided between property-and-casualty operations, group benefits and mutual funds.

NetBank, formerly named Atlanta Internet Bank (1996) and Net.B@nk (1998), was a direct bank.

<span class="mw-page-title-main">Tokio Marine HCC</span> International specialty insurance group

Tokio Marine HCC is an international specialty insurance group with offices across the United States, the United Kingdom, Spain, and Ireland. The company is based in Houston, Texas, U.S.A. but has major offices in Atlanta, Barcelona, Boston, Chicago, Dallas, Detroit, Farmington (CT), Frederick (MD), Ireland, Leicester (UK), London, Los Angeles, Madrid, Mount Kisco (NY), and New York City.

Kemper Direct Auto and Home Insurance (Kemper Direct) was a direct to consumer auto and home insurance writer headquartered in Chicago, Illinois and a former subsidiary of Kemper Corporation.

Mutual Savings Life provides life insurance products, annuities, and other insurance products to individuals and businesses. Founded in 1927 in Decatur, Alabama, Mutual Savings is owned by Primesco, a company founded for the purpose of acquiring Mutual Savings.

UMB Financial Corporation is an American financial services holding company founded in 1913 as City Center Bank and based in Kansas City, Missouri. It offers a number of financial services from checking and savings accounts, credit services including home mortgages, auto loans, business loans and credit cards, to investing and wealth management, all are offered to individuals, companies and offers additional customization options for private wealth management.

ProAssurance Corporation, headquartered in Birmingham, Alabama, is a property and casualty company that sells professional liability insurance to doctors. The company was founded in 1976 as Mutual Assurance and was later renamed to Medical Assurance in 1997. The name "ProAssurance" was created in 2001 when Medical Assurance merged with Professionals Group. The company is currently the fourth largest medical professional liability insurance writer and has over $6 billion in assets.

Intact Financial Corporation is a Canadian multinational property and casualty insurance company. Originally established in 1809 as the Halifax Fire Insurance Association, it was later acquired by Nationale-Nederlanden and from 1993 to 2009 was a subsidiary of the Dutch multinational ING Group under the name ING Canada. Intact Financial directly underwrites insurance through its subsidiary companies Intact Insurance and Belair Insurance, as well as operating additional brokerage, insurance service, and damage restoration subsidiaries. As of 2017, Intact was the largest provider of property and casualty insurance in Canada by annual premiums.

<span class="mw-page-title-main">Connect (insurance company)</span> American insurance company, subsidiary of American Family Insurance

Connect is an insurance company located in De Pere, Wisconsin. Connect provides auto, home, condo, renters, umbrella and specialty products. Insurance is underwritten by American Family Connect Property and Casualty Insurance Company and American Family Connect Insurance Company, each a wholly owned subsidiary of American Family Insurance Mutual Holding Company. They also partner with various specialty insurance providers to offer coverage for items such as watercraft, ATVs, recreational vehicles and motorcycles. Connect is an affinity marketer, relying almost entirely on strategic partnerships to reach customers. Partners include Costco Wholesale, and Ameriprise Financial. In 2018, Ameriprise Auto & Home Insurance generated more than $1.1 billion in annual written premium.

<span class="mw-page-title-main">Horace Mann Educators Corporation</span> American insurance and financial services company

Horace Mann is an Illinois-based auto, property, supplemental and life insurance, as well as financial services company that focuses on retirement annuities and mutual funds. Horace Mann primarily works with educators and their families.

References

  1. 1 2 3 4 "Kemper site" . Retrieved March 10, 2017.
  2. ↑ "Kemper Corporation" . Retrieved 2011-08-31.
  3. 1 2 3 "Kemper Corporation". Kemper.com. Retrieved 2021-09-29.
  4. ↑ "Unitrin buys rights to Kemper Insurance name". 2010. Retrieved 2016-01-10.
  5. ↑ "Kemper runoff saga nearing conclusion". 2010. Retrieved 2016-01-10.
  6. ↑ "Kemper". Archived from the original on 2016-03-05. Retrieved 2016-01-10.
  7. ↑ Wells, Andrea (2011). "Unitrin Changes Name to Kemper". Insurance Journal. Retrieved 2011-08-31.
  8. ↑ "Kemper Announces Brand Refresh". Bloomberg.com. 2018-10-25. Retrieved 2020-12-29.
  9. ↑ "Kemper | 2020 Fastest-Growing Companies". Fortune. Retrieved 2020-12-29.
  10. ↑ "Kemper to Acquire American Access in $370 Million Transaction" (Press release). 23 November 2020. Retrieved 2021-09-29.
  11. ↑ "Kemper Completes Acquisition of American Access" (Press release). April 2021. Retrieved 2021-09-29.
  12. ↑ "Palmer charges home to win Kemper Open". Lewiston Morning Tribune. (Idaho). Associated Press. September 16, 1968. p. 9.
  13. ↑ "Kemper victory on par for Estes". Wilmington Morning Star. (North Carolina). Associated Press. June 3, 2002. p. 3C.
  14. ↑ "Kemper to Buy Alliance United in California Car Insurance Push". Bloomberg.com. 11 December 2014. Retrieved 2014-12-11.
  15. ↑ says, Former Infinity IA (2018-02-20). "Kemper Corp. Acquires Infinity Property & Casualty of Alabama for $1.4B". Insurance Journal. Retrieved 2020-09-03.
  16. ↑ "Kemper Completes Acquisition of American Access" (Press release). April 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.