Kemper Allowed to Restate Surplus by IL Regulators

Kemper filed its year-end 2003 financial statements on Monday, March 1, 2004. The company posted a combined statutory surplus of $212 million. Of this amount, $202 million represents Lumbermens Mutual Casualty Company's (LMC) surplus, which takes into account a reinsurance transaction completed in 2003 with its affiliate, American Manufacturers Mutual Insurance Company (AMM). The $10 million balance of the combined surplus was posted by AMM. The company advised that absent accounting allowances approved by the Illinois Department of Insurance, year-end 2003 surplus would have been negative. Th...