Berkshire Hathaway Inc. plans to buy a portion of Kemper Insurance Companies’ business.
Berkshire will buy an undisclosed equity stake in the commercial casualty and specialty insurance business of privately held Kemper, through a new insurance subsidiary set up by Kemper. Berkshire will also reinsure some of Kemper’s business.
No terms of the deal were disclosed. Kemper earlier reported a $54.5 million after-tax profit in the first quarter, up from $19.4 million a year ago. It has annual revenues of about $5.9 billion.
The transaction must be met by appropriate regulatory approval.
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