Hello hiatt-ga,
As you can probably guess, there is no shortage of articles on the
plight of Kemper, many of which repeat the same information (e.g.
numerous press reports of the company's S&P downgrade). I've tried to
make a judicious selection to cover the major items that I think would
be of interest regarding Kemper's decline and voluntary run-off, and
have included some articles on other companies impacted by the changes
at Kemper.
On occasion, I've included a brief excerpt from an article, in order
to highlight the Kemper connection.
Hopefully, the list below will provide you exactly what you need.
But before rating this answer, please let tell me if you would like
any additional information. Simply post a Request for Clarification,
and let me know how I can help you further.
Thanks.
pafalafa-ga
==========
[information available on the web]
http://www.businessinsurance.com/cgi-bin/news.pl?newsId=827
BI Daily News
Asbestos losses figure in Best downgrade of Kemper
http://www.businessinsurance.com/cgi-bin/news.pl?newsId=3800
BI Daily News
Insurer, archdiocese trading charges
http://www.kemperinsurance.com/press_releases/2003/pr_06302003.html
Lumbermens Mutual Casualty Company completes 2002 audit;
Announces discounting of loss reserves and reports 5/31/2003 statutory
surplus of approximately $313 million
http://www.kemperinsurance.com/press_releases/2003/pr_06092003.html
Lumbermens Mutual Casualty Company Announces Expected Audit Adjustments
http://www.insurancejournal.com/magazines/southcentral/2003/07/07/ratings/
Kemper Falls Again
http://biz.yahoo.com/e/040310/hofd.ob10-k.html
Form 10-K for HOMEFED CORP
Kemper has ceased underwriting operations and has submitted a
voluntary run-off plan to its insurance regulators. Although Kemper is not
formally in liquidation or under the supervision of insurance regulators, it is
uncertain whether they will have sufficient assets at such time, if ever, the
Company makes a claim under the policy or, if they are insolvent, whether state
insurance guaranty funds would be available to pay the claim.
http://biz.yahoo.com/e/040315/vta10-k.html
Form 10-K for VESTA INSURANCE GROUP INC
The Company has ceded reserves of $26.5 million to Lumbermens Mutual
Casualty Company, a member of the Kemper Insurance Companies,
primarily related to long-term care obligations under personal injury
protection auto policies of the Shelby insurance companies originating
prior to their acquisition in 1997. Lumbermens and other members of
the Kemper Insurance Companies, which operate under a business pooling
arrangement, were assigned an A. M. Best's rating of "D" (Poor) on
June 30, 2003. The Company is closely monitoring the financial
condition of Lumbermens, which has entered into a voluntary run-off
plan with the Illinois Department of Insurance. As of December 31,
2003, no valuation allowance has been recorded related to the ceded
reserve receivables from Lumbermens.
http://www.massagent.com/online/2q2003Rationales.pdf
2003 2nd. Quarter Rating Rationales
http://southflorida.bizjournals.com/southflorida/stories/2003/10/13/daily45.html
Wagenfeld Levine absorbs Kemper Insurance
http://www.cmiprorisk.com/forms/d_o/Privatus_Policy.pdf
Kemper Privatus
http://www.thebostonchannel.com/news/3249414/detail.html
Insurance Co. Sued By Church Counter-Sues
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20040430005082&newsLang=en
Unitrin, Inc. First Quarter Net Income Increases by $34.6 Million -
$0.51 per common share
Other Income decreased by $7.5 million for the three months ended
March 31, 2004, compared to the same period in 2003, due primarily to
lower administration fees earned to administer the run-off business
excluded from Unitrin's 2002 acquisition of the personal lines
business of the Kemper Insurance Companies.
http://www.professionalroofing.net/article.aspx?A_ID=456
The insurance market: no easy answers
http://financialservices.house.gov/media/pdf/102401dm.pdf
Testimony of David B. Mathis, Chairman of the Board and Chief
Executive Officer Kemper Insurance Companies Before the House
Subcommitee on Capital Markets, Insurance and Governmental Sponsored
Enterprises October 24, 2001
http://www.ins.state.il.us//Reports/AnnRept/AnnRept2002/arfull.pdf
Illinois Department of Insurance 2002 Annual Report
[contains details of Kemper's finances]
==========
[Citations found from lexis-nexis]
Property & Casualty/Risk & Benefits Management Edition
February 23, 2004
Readers Sound Off On Actuarial Buzz
-----
Insurance Day
June 12, 2003
News in Brief
Kemper pool gets 'D'
-----
BestWire
June 10, 2003
A.M. BEST DOWNGRADES RATINGS OF KEMPER INSURANCE COMPANIES
==========
[Citations found from Factiva]
Global Reinsurance
Cut-throughs, Cut off?
An example of a frantic yet fruitless attempt to maintain its life by
using cut-throughs was the case of Kemper Insurance Cos. After being
downgraded to 'B+' from 'A' in December 2002, Kemper obtained a
cut-through from National Indemnity Co, an insurance subsidiary of
behemoth Berkshire Hathaway.
All policies issued by Kemper after 23 December 2002 that have a
cut-through endorsement carry the AM Best 'A ' rating of National
Indemnity. The price for this agreement with National Indemnity was
not disclosed.
-----
Crain's Chicago Business
5 April 2004
As market plateaus, Unitrin sitting pretty; Good Kemper, Fireside
results lift prospects
Unitrin Inc.'s stock has soared over the past year as the insurer's
personal auto and homeowner business acquired from Long Grove-based
Kemper Insurance Cos. has turned around faster than expected
-----
News Analysis - A class above.
1 April 2004
Reinsurance
Axis Capital Holdings...
The leap in premium income was fuelled by the acquisition of renewal
rights in January 2003 to the D&O book of Kemper Insurance, along with
50 former Kemper staff...
-----
Acquisitions taking insurers awhile to complete
22 March 2004
The Pantagraph
Business Insurance magazine reported that Illinois insurance
regulators have allowed Kemper Insurance Cos.' main operating unit to
discount its loss reserves and take other accounting steps that added
$1 billion to its reported policyholder surplus at the end of 2003.
The regulators' actions allowed Lumbermen's Mutual Casualty Co. to
report a surplus of $202.4 million at year-end 2003 when it otherwise
would have reported a deficit, Lumbermen's 2003 financial statement
shows.
-----
U.S. reinsurers' ratio improves: RAA
22 March 2004
Business Insurance
Broadspire buys Cunningham Lindsey TPA
Broadspire Services Inc. has bought the third-party claims
administration units of Cunningham Lindsey U.S. Inc. Broadspire, which
was spun off from Kemper Insurance Cos. last year...
-----
Editorial: Give Kemper plan a chance to work
15 March 2004
Business Insurance
-----
Regulators aid Kemper runoff plans
Business Insurance , 15 March 2004
-----
Kemper Insurance - History.
Datamonitor Company Profiles, 18 February 2004
-----
Insurer struggles
Business Insurance , 5 January 2004
-----
Chicago Tribune Business Finance Notebook Column
Chicago Tribune, 14 November 2003
KEMPER GETS RUNOFF HELP: Kemper Insurance Cos. has hired Kenning
Financial Advisors LLC to help with the runoff of some business lines.
Kenning will help manage "discontinued, distressed or non-renewed
lines of insurance and associated liabilities," according to a
statement released this week by Kemper.
-----
Kemper Services survives parent's demise
Crain's Chicago Business, 11 August 2003
-----
New parent for Kemper Services; Claims specialist retains key execs, staff
Business Insurance , 4 August 2003
-----
Kemper, In Another Strategy Shift, Sells Its Service Platform.
National Underwriter Property & Casualty-Risk & Benefits Management
Edition, 24 July 2003
-----
Kemper sale might signal end of the road for insurer
Chicago Daily Herald, 23 July 2003
-----
Default Risk Results in Cut in Kemper Insurance's Rating
Chicago Tribune, 8 July 2003
-----
Kemper Insurance Cos. Ratings Lowered, Then Withdrawn.
Business Wire, 1 July 2003
-----
MOODY'S DOWNGRADES LUMBERMENS MUTUAL CASUALTY COMPANY'S SURPLUS NOTES
TO C - WITHDRAWS RATINGS.
Moody's Investor Service Press Release, 26 June 2003
-----
Kemper sells main businesses to St. Paul
Chicago Daily Herald, 13 May 2003
-----
Kemper Disappoints Workers, Agents.
National Underwriter Property & Casualty-Risk & Benefits Management
Edition, 1 May 2003
-----
Kemper Hires Consultant to Look into Run-off of Some Operations
Best's Insurance News, 25 April 2003
-----
The rebirth of Kemper
ReActions , 1 April 2003
-----
S&P Lowers Kemper Insure Cos Rtgs - Keeps on Watch Neg.
Business Wire, 26 March 2003
-----
Kemper's 2002 Results Deteriorate.
Business Wire, 4 March 2003
==========
Again, let me know if you need any additional information.
pafalafa-ga
search strategy:
Search Google, Google News, and offline searches of Lexis-Nexis and Factiva for:
Kemper OR Lumbermen's and (runoff OR run-off)
Kemper Insurance |
