The Kemper Insurance Companies announced it has reached an agreement in principle to sell the renewal rights to its surety business to Arch Insurance Group, a division of Arch Capital Group Ltd.
Kemper’s agreement with Arch includes contract and specialty surety products written through Kemper’s Surety division, including Lou Jones & Associates.
“This transaction continues Kemper’s efforts to become primarily a standard commercial lines insurance provider,” David Mathis, Kemper chairman and CEO, remarked. “Kemper Surety accounts were not included in the previously announced cut-through arrangement with Berkshire Hathaway subsidiary National Indemnity Company.”
To provide continuity, the transaction also includes some Kemper Surety staff and certain assets used in the business.
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