Kemper Corporation to Acquire Infinity Property and Casualty Corporation
Fried Frank acted as counsel to Goldman Sachs as financial advisor to Kemper Corporation (NYSE: KMPR) in a definitive merger agreement under which Kemper Corporation will acquire Infinity Property and Casualty Corporation (NASDAQ: IPCC) in a cash and stock transaction with an implied value of approximately US$1.3 billion or US$121.01 per share. The transaction will create a company with increased scale in nonstandard auto insurance and enhanced ability to serve policyholders. Upon completion of the transaction, Kemper Corporation will increase its current Board of Directors by one seat and select a Director from Infinity Property and Casualty Corporation to join the Kemper Board of Directors. The Kemper family of companies is one of the nation's leading insurers. With US$8 billion in assets, Kemper is improving the world of insurance by offering personalized solutions for individuals, families and businesses. Infinity Property and Casualty Corporation is a provider of personal and commercial automobile insurance primarily meeting the needs and choices of urban and Hispanic customers. Its products are offered through a network of approximately 10,600 independent agencies and brokers.
The Fried Frank team was led by corporate partner Philip Richter and included corporate associate Roy Tannenbaum and corporate law clerk Mehar Najeeb.