US insurer Kemper has brokered a deal to buy American Access Casualty Company (AAC) and its related captive insurance agency Newins Insurance and its subsidiaries in a cash transaction valued at $370m.
The deal, subject to regulatory approval, is expected to close in the first quarter of the next year.
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Illinois-headquartered AAC provides specialty private passenger auto insurance in Arizona, Illinois, Indiana, Nevada and Texas.
The firm has a network of around 500 independent agents and more than 110 captive agents. It is said to have written over $370m of direct premiums last year.
Kemper P&C division president Duane Sanders said: “AAC is a great addition to Kemper’s specialty auto franchise and aligns with our strategic intent to serve growing niche markets with affordable and easy-to-use products.
“Their distribution capabilities, including strong customer and agent relationships, will expand our geographic footprint and when combined with our financial resources will create increased reach and incremental scale. We look forward to having AAC join the Kemper team.”
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By GlobalDataKemper, which oversees $14.1 bn in assets, specialises in auto, life, health and personal insurance. The firm is said to service more than 6.3 million policies through its network of over 30,000 agents and brokers.
In 2018, Kemper agreed to buy Infinity Property and Casualty in a cash and stock deal valued at approximately $1.4bn.
