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Kemper estimates Q3 pretax catastrophe losses $20M-$25M

Published 10/22/2018, 07:20 AM
© Reuters.  Kemper estimates Q3 pretax catastrophe losses $20M-$25M
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  • Kemper Corp . (NYSE:KMPR) estimates Q3 pretax catastrophe losses of $20M-$25M, mainly related to one wildfire and Hurricane Florence; doesn't expect to recover any of the losses under its reinsurance programs.
  • The company also anticipates the following items in its Q3 results:
  • A tax benefit of $20M-$30M as a result of updated analysis of certain amounts recorded for the effect of the Tax Cuts and Jobs Act on Kemper's deferred income tax assets and liabilities;
  • Transaction and integration expenses of $15M-$20M pretax related to its acquisition of Infinity Property and Casualty Corp. on July 2, 2018.
  • Pretax charge of about $9M for lease termination and other costs for relocating Kemper's corporate headquarters in September 2018.
    • Previously, Kemper had announced Q3 pretax gain of $35.7M related to partial satisfaction of a judgment in its favor against Computer Sciences Corp (NYSE:DXC). and its parent DXC Technology Co.
    • Q3 result to be announced before the market opens on Nov. 5, 2018; Q3 conference call to be held Nov. 5, 2018 at 4:15 PM ET.
    • Previously: Kemper misses by $0.09, beats on revenue (July 30)
    • Now read: To Boost Growth, Buffett Now Looks To The Start-Up Sector


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