Kemper Hires Princeton Partnership
NU Online News Service, April 25, 4:02 p.m. EDT?Following its announcement yesterday that a deal to sell off its middle-market business has broken down, The Kemper Insurance Companies said it hired Princeton Partnership to help develop and implement new strategies.
"We welcome the opportunity to assist Kemper during a challenging time for the company," said Bruce Shulan, a managing partner at Princeton Partnership, a management consulting firm.
Based in Westport, Conn., the firm serves the insurance and reinsurance sectors, focusing on the development of strategies to resolve high exposure issues, including runoff implementation. It also offers strategic and organizational management support for companies in transition.
Kemper has yet to provide details on why the deal broke down, but the discontinued letter of intent was intended to sell off its middle-market business--including workers' compensation, auto offerings and umbrella coverage sold in support of these lines--to a new firm capitalized by equity investment firms, including an affiliate of giant reinsurer Swiss Re.
The Long Grove, Ill.-based insurer said during its announcement early last month that it will cease underwriting activities as it sells off its core business and that it would focus on expanding opportunities for its claim and insurance services platform.
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