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Acquisition of Business | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Acquisition of Business | Acquisition of Business Acquisition of Infinity Property and Casualty Corporation 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. During the second quarter of 2019, the Company finalized its estimates of the fair value of assets acquired and liabilities assumed. In accordance with ASC Topic 805, Business Combinations, changes to the preliminary estimates and allocation as a result of events or conditions as of the acquisition date, are reported in the Company’s financial statements as an adjustment to the assets acquired and liabilities assumed. During the second quarter of 2019, the Company finalized its estimate of certain legal and tax accruals, increasing liabilities assumed by $2.7 million, increasing current income tax assets by $0.2 million and increasing goodwill by $2.5 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. Note 2 - Acquisition of Business (continued) Based on the Company’s final allocation of the purchase price, 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 |  | 1.0 |
Goodwill 1 |  | 791.0 |
Other Assets |  | 102.1 |
Property and Casualty Insurance Reserves |  | (717.2 | )
Unearned Premiums |  | (715.6 | )
Debt |  | (282.1 | )
Deferred Income Tax Liabilities |  | (10.8 | )
Accrued Expenses and Other Liabilities |  | (169.6 | )
Total Purchase Price |  | $ | 1,548.7 |
1 Non-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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