CHICAGO -- Kemper Corp. Thursday said it has closed its previously announced acquisition of American Access Casualty Co. and its related captive insurance agency, Newins Insurance Agency Holdings LLC, and its subsidiaries.
AAC provides specialty private passenger auto insurance in Arizona, Illinois, Indiana, Nevada and Texas. Pursuant to the terms of the acquisition agreement signed Nov. 22, the total cash transaction is valued at about $370 million.
"The close of this transaction marks further expansion of Kemper's specialty auto franchise," said Duane Sanders, president of Kemper's P&C Division. "AAC provides increased reach and incremental scale with additional distribution channels and an expansion of our geographic footprint."
The Kemper family of companies is one of the nation's leading specialized insurers with $14.3 billion in assets. Kemper serves over 6.2 million policies and is represented by more than 30,000 agents and brokers and has 9,500 associates.