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KEMPER CORPORATION COMPLETES SALE OF ECONOMY FIRE & CASUALTY COMPANY

 LONG GROVE, Ill., Aug. 31 /PRNewswire/ -- Kemper Corporation (NYSE: KEM) today announced the completion of its sale of Economy Fire & Casualty Company, one of its two primary property-casualty companies, to The St. Paul Companies.
 Kemper expects to realize a third-quarter gain of $72.3 million from the transaction. The sale was valued at $420 million plus certain post-closing adjustments, which are expected to increase the proceeds to Kemper.
 The sale of Economy resulted from Kemper Corporation's decision to focus on its core asset management, life insurance and securities brokerage businesses. Earlier this month, the company consummated a transaction with Lumbermens Mutual Casualty Company under which Lumbermens received Kemper's reinsurance and risk management businesses in exchange for most of Lumbermens' ownership in Kemper Corporation stock.
 "Both today's closing and the exchange with Lumbermens are momentous for Kemper Corporation's strategic development," said David B. Mathis, chairman and chief executive officer of Kemper Corporation. "They clear the way for us to dedicate more focused attention and resources to our core businesses of asset management, life insurance and securities brokerage."
 Kemper Corporation is a nonoperating holding company with principal subsidiaries in asset management, life insurance and securities brokerage.
 -0- 8/31/93
 /CONTACT: Janice Kalmar, 708-320-4465, or Ira Nathanson, 708-320-4463, both of Kemper/
 (KEM)


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

SM -- NY048 -- 7576 08/31/93 14:33 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
Words:227
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