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Acquisition of Business (Notes) | 3 Months Ended
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Mar. 31, 2019
Business Combinations [Abstract] |
Subsequent Event- Acquisition of Infinity | On July 2, 2018, Kemper acquired 100% of the outstanding common stock of Infinity Property and Casualty Corporation (“Infinity”), pursuant to the terms of the merger agreement dated February 13, 2018. The Company has not yet completed the process of estimating the fair value of assets acquired and liabilities assumed, including, but not limited to, receivables, intangible assets, unearned premium reserves, certain tax-related balances and certain other asset and liabilities. Accordingly, the Company’s preliminary estimates and the allocation of the purchase price to the assets acquired and liabilities assumed may change as the Company completes the process, which would also likely impact the Company’s allocation of the purchase price to Goodwill. In accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations, changes if any, to the preliminary estimates and allocation as a result of events or conditions as of the acquisition date, will be reported in the Company’s financial statements as an adjustment to the assets acquired and liabilities assumed. During the first quarter of 2019, the Company further refined its estimate of certain bonus accruals, other liabilities and related tax-related balances, decreasing liabilities assumed by $0.9 million and decreasing goodwill by $0.9 million. The Company has allocated all of the goodwill associated with the Infinity acquisition to the Specialty Property & Casualty Insurance segment. The factors that contributed to the recognition of goodwill include synergies from economies of scale within the underwriting and claims operations, acquiring a talented workforce and cost savings opportunities. Based on the Company’s preliminary allocation of the purchase price as of March 31, 2019, the fair value of the assets acquired and liabilities assumed were:
(Dollars in Millions) |  |
Investments |  | $ | 1,569.3 |
Short Term Investments |  | 98.8 |
Cash |  | 4.0 |
Receivables from Policyholders |  | 583.4 |
Other Receivables |  | 31.7 |
Value of Intangible Assets Acquired (Reported in Other Assets) |  | 262.7 |
Current Income Tax Assets |  | 0.8 |
Goodwill 1 |  | 788.5 |
Other Assets |  | 102.1 |
Property and Casualty Insurance Reserves |  | (713.6 | )
Unearned Premiums |  | (715.6 | )
Debt |  | (282.1 | )
Deferred Income Tax Liabilities |  | (11.7 | )
Accrued Expenses and Other Liabilities |  | (169.6 | )
Total Purchase Price |  | 1,548.7 |
1Non-deductible for tax-purposes.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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