Sale Of Kemper Reinsurance To GE Capital Completed

The previously announced sale of Kemper Reinsurance Company by Lumbermens Mutual Casualty Company, the flagship of the Kemper Insurance Companies, to GE Capital has been completed. Kemper Re, which will be renamed, will be a subsidiary of GE Global Insurance Holding Corporation.

David B. Mathis, chairman and chief executive officer of the Kemper Insurance Companies, said, "The divestiture of Kemper Re is consistent with Kemper Insurance's strategy of focusing on our core property and casualty and emerging specialty lines of business." Mathis noted that in the past two years, Kemper has formed new operations in excess casualty, environmental insurance and specialty program business. It has acquired Eagle Insurance Group, a specialty workers' compensation insurer; Integrated DisAbility Resources, Inc., which specializes in disability insurance, reinsurance and risk management services; Pyramid Services, Inc., a developer of software products for the insurance and the managed care industries; and Healthcare Equipment Consultants (now known as Kemper Cost Management), which delivers a comprehensive management and budget protection program for equipment maintenance.