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BRIEFLY / INSURANCE

GE Capital to Buy Kemper Reinsurance

August 01, 1998|Reuters

GE Capital said it will acquire Kemper Reinsurance Co. in a deal that would further strengthen its already strong presence in the U.S. insurance market. GE Capital, a unit of General Electric Co., did not disclose the terms of the deal, but industry sources said the Stamford, Conn.-based company agreed to pay about $500 million. Kemper Reinsurance, based in Long Grove, Ill., is a unit of Kemper Insurance Cos.' Lumbermens Mutual Casualty Co. The transaction, which is subject to regulatory approvals, is expected to close by the end of the year. Kemper Re and its subsidiaries would be renamed after the deal closes and would become a unit of GE Capital's GE Global Insurance Holding Corp. subsidiary, GE Capital said.

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