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KMPR

Kemper

$57.55

-0.2 (-0.35%)

, IPCC

Infinity Property

$96.05

-1 (-1.03%)

16:55
02/13/18
02/13
16:55
02/13/18
16:55

Kemper to acquire Infinity Property in $1.4B deal

Kemper (KMPR) and Infinity Property and Casualty Corporation (IPCC) announced that they have entered into a definitive merger agreement under which Kemper will acquire Infinity in a cash and stock transaction valued at approximately $1.4B, or $129.00 per share; the exchange ratio for stock consideration to be issued in the merger is fixed and was determined based on Kemper's 20-trading day volume weighted average price as of February 12, 2018 of $64.40. Based on Kemper's February 12, 2018 closing stock price of $57.75, the implied total consideration is approximately $1.3B, or $121.01 per Infinity share. The transaction creates a company with increased scale in nonstandard auto insurance and enhanced ability to serve policyholders. Combined company will have a more diversified portfolio with approximately $2.2B in nonstandard auto insurance premiums, an expanded customer reach through deeper agency relationships and greater efficiencies. The transaction is expected to be accretive to Kemper's EPS in the first year, excluding Value of Business Acquired and one-time items, and is expected to be accretive to year two EPS by more than 10%, excluding restructuring and one-time items. Additionally, we expect the transaction to be accretive to return on average common equity by more than 30bps and accretive to return on average tangible common equity by more than 400bps in year two following close. The transaction is expected to close in the third quarter of 2018, subject to the satisfaction or waiver of applicable closing conditions, including the approval of shareholders of both companies and receipt of required regulatory clearances and approvals. Upon completion of the transaction, Infinity's senior management team will be integrated into the newly-combined organization. Additionally, at closing, Kemper will increase its current Board of Directors by one seat and select a Director from Infinity to join the Kemper Board of Directors.

KMPR

Kemper

$57.55

-0.2 (-0.35%)

IPCC

Infinity Property

$96.05

-1 (-1.03%)

  • 14

    Feb

KMPR Kemper
$57.55

-0.2 (-0.35%)

08/03/17
RAJA
08/03/17
UPGRADE
RAJA
Strong Buy
Kemper upgraded to Strong Buy from Market Perform at Raymond James
08/03/17
08/03/17
UPGRADE

Strong Buy
Kemper upgraded to Strong Buy on non-auto turn at Raymond James
As previously reported, Raymond James upgraded Kemper to Strong Buy from Market Perform and established a $55 price target. Analyst Gregory Peters believes the non-standard auto business is beginning to turn following pricing, re-underwriting and claims initiatives. Management is working on improving the preferred auto business and believes ROE will gradually improve through 2019 given the combination of positive pricing in personal auto, and management's strategic initiatives.
IPCC Infinity Property
$96.05

-1 (-1.03%)

07/13/17
RAJA
07/13/17
UPGRADE
RAJA
Outperform
Infinity Property upgraded to Outperform from Market Perform at Raymond James
07/13/17
RAJA
07/13/17
UPGRADE
Target $105
RAJA
Outperform
Infinity Property upgraded on improving auto cycle profits at Raymond James
As previously reported, Raymond James upgraded Infinity Property to Outperform from Market Perform and established a $105 price target. Analyst Gregory Peters believes Infinity is one of the best positioned small cap peers to benefit from emerging smartphone technology to monitor and price for distracted driving over the next 24 months. He expects management's focus on new technology adoption and current favorable market conditions to result in the company meeting or exceeding its 10% ROE target over the next 12 months.

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