US insurer Kemper has closed its previously announced acquisition of American Access Casualty Company for a deal valued at around $370 million.
The acquisition was first announced in November 2020 and also includes American Access’ related captive insurance agency Newins Insurance Agency Holdings and its subsidiaries (collectively known as AAC).
AAC is headquartered in Illinois and provides specialty private passenger auto insurance, having written over $370 million of direct premiums in 2019 through a network of approximately 500 independent agents and over 110 captive agents.
“The close of this transaction marks further expansion of Kemper’s specialty auto franchise,” said Duane Sanders, President of Kemper’s P&C Division.
“AAC provides increased reach and incremental scale with additional distribution channels and an expansion of our geographic footprint.
“We are excited to welcome the AAC team to Kemper, and look forward to advancing our focus on providing affordable and easy-to-use products and solutions to underserved markets.”