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Kemper expects pretax cat losses of up to $30M for Q4'18


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Kemper expects pretax cat losses of up to $30M for Q4'18

Kemper Corp. expects to record pretax catastrophe losses ranging from $25 million to $30 million, net of reinsurance, in the fourth quarter of 2018.

The losses include the impacts of wildfires in California. Kemper anticipates $30 million to $35 million of reinsurance recoveries, mostly from its 2018 catastrophe aggregate reinsurance program.

Additionally, Kemper disclosed that it repaid $215 million of the $250 million term loan due June 29, 2020, on Dec. 28, 2018. The term loan was drawn on June 29, 2018, to secure funding for the acquisition of Infinity Property and Casualty Corp.

Kemper will release its fourth-quarter 2018 results before the markets open on Feb. 11.