Printer Friendly

KEMPER CORPORATION CLOSES TRANSACTION WITH LUMBERMENS MUTUAL CASUALTY COMPANY; LUMBERMENS' OWNERSHIP REDUCED TO 4 PERCENT

 LONG GROVE, Ill., Aug. 2 /PRNewswire/ -- Kemper Corporation (NYSE: KEM) today announced that the transaction with Lumbermens Mutual Casualty Company, calling for Kemper Corporation to exchange the stock of its reinsurance and risk management subsidiaries for most of Lumbermens' ownership in Kemper Corporation stock, has been consummated.
 Under the tax-free exchange transaction, Kemper Corporation received approximately 17.4 million shares of Kemper Corporation stock previously owned by Lumbermens. In exchange, Lumbermens received Kemper Reinsurance Company and its subsidiaries as well as National Loss Control Services Corporation (NATLSCO), which owns 50 percent of Kemper Risk Management Services, a joint venture between Kemper Corporation and Lumbermens.
 "The closing of this transaction completes a major step in the corporate restructuring of Kemper Corporation," said David B. Mathis, chairman and chief executive officer of Kemper Corporation.
 "We are now in a position to focus on our core asset management, life insurance and securities brokerage businesses," Mathis added, citing the company's recent announcement of an agreement for the sale of Economy Fire & Casualty Company and its anticipated disposition of Federal Kemper Insurance Company.
 The transaction reduces Kemper Corporation's common stock outstanding to approximately 31.9 million shares from 49.3 million at year end 1992. Lumbermens' ownership of Kemper Corporation common stock is now 1.25 million shares, or less than 4 percent.
 Kemper Corporation is a nonoperating holding company with principal subsidiaries in asset management, life insurance and securities brokerage.
 -0- 8/2/93
 /CONTACT: Janice Kalmar, 708-320-4465 or Ira Nathanson, 708-320-4463, both of Kemper Corporation Communications Department/
 (KEM)


CO: Kemper Corporation ST: Illinois IN: INS SU:

TM -- NY130 -- 8613 08/02/93 19:50 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 2, 1993
Words:272
Previous Article:SPECIAL BENEFIT CONCERT, NEW ALBUMS PART OF BUSY SCHEDULE FOR CARLOS SANTANA
Next Article:TEMPORARY RESTRAINING ORDER GRANTED AGAINST THE ACTAVA GROUP
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters