Kemper Corp. expects to complete its $1.3 billion cash and stock acquisition of Infinity Property and Casualty Corp. on July 2.
Both companies disclosed on June 28 that they have all the necessary regulatory approval in place to allow the merger to go forward and close as planned.
“Our teams have been working hard toward integration, and this important step brings us closer to our strategic combination to form a leader in the specialty auto insurance market,” Kemper President and CEO Joseph Lacher said in prepared remarks.
Added Infinity CEO Glen Godwin: “The receipt of approvals is a key milestone in our ability to consummate our merger and create a stronger coapny for the benefit of all of our stakeholders.”
The news follows disclosures a few weeks ago that stockholders of both companies signed off on Kemper’s M&A plan.
Kemper employs 5,550 people and is represented by 2,000 agents and brokers, with a focus on home, auto, life, health and valuables insurance. It services six million policies and has $8 billion in assets, the company said.
Infinity Property and Casualty Corp. focuses on auto insurance with a concentration on nonstandard auto policies. The company handles its products through a network of about 10,600 independent agencies and brokers.