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IN BRIEF / INSURANCE

Platinum Equity Buys Kemper Insurance Unit

July 23, 2003|Josh Friedman

Los Angeles-based Platinum Equity said it bought the service division of Kemper Insurance Cos. for an undisclosed sum.

Platinum said it would keep the management team at Kemper Services, which handles property and casualty claims management, safety consulting and related services for Kemper and for third-party insurers and employers.

Oak Grove, Ill.-based Kemper is exiting the insurance business and selling its assets. Kemper Services, which has 3,000 employees and 50 offices nationwide, generated $374 million in revenue in 2002.

The business eventually will be renamed and will focus exclusively on outsourcing administrative work for insurers and employers.

-- Josh Friedman

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