Long Grove, Ill.-based Kemper Insurance Cos., parts of which ratings agencies have downgraded several times in recent weeks, is laying off another 325 workers, according to the Chicago Tribune.
Kemper has laid off about 500 employees and divested from several lines of business as part of its effort to emerge from its troubles as a smaller, stronger supplier of standard commercial lines.
This comes on the heels of a surprise Dec. 30 announcement that COO William D. Smith had “decided to retire immediately,” even though he was supposed to take the top spot with the new year.
The company has suffered big losses from asbestos litigation and paid out $94 million for surety bonds Kemper had given to J.P. Morgan Chase & Co. for deals made with Enron Corp.
Kemper no longer supplies directors & officers coverage, and sold off nearly $160 million of premium specialty risk business to The Hartford Financial Services Group Inc.
“I don’t think there’s going to be much good news coming out of there,” said analyst David Schiff.
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