<SEC-DOCUMENT>0000860748-22-000040.txt : 20220214
<SEC-HEADER>0000860748-22-000040.hdr.sgml : 20220214
<ACCEPTANCE-DATETIME>20220214171745
ACCESSION NUMBER:		0000860748-22-000040
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220214
DATE AS OF CHANGE:		20220214
EFFECTIVENESS DATE:		20220214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KEMPER Corp
		CENTRAL INDEX KEY:			0000860748
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				954255452
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-02715
		FILM NUMBER:		22634855

	BUSINESS ADDRESS:	
		STREET 1:		200 E. RANDOLPH ST.
		STREET 2:		SUITE 3300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		3126614600

	MAIL ADDRESS:	
		STREET 1:		200 E. RANDOLPH ST.
		STREET 2:		SUITE 3300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITRIN INC
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
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      <filer>
        <credentials>
          <cik>0000860748</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2021</periodOfReport>
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  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2021</reportCalendarOrQuarter>
      <filingManager>
        <name>KEMPER Corp</name>
        <address>
          <com:street1>200 E. RANDOLPH ST.</com:street1>
          <com:street2>SUITE 3300</com:street2>
          <com:city>CHICAGO</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60601</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-02715</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Anastasios Omiridis</name>
      <title>SVP, Deputy Chief Financial Officer</title>
      <phone>312-661-3636</phone>
      <signature>Anastasios Omiridis</signature>
      <city>Chicago</city>
      <stateOrCountry>IL</stateOrCountry>
      <signatureDate>02-14-2022</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>2</otherIncludedManagersCount>
      <tableEntryTotal>46</tableEntryTotal>
      <tableValueTotal>469691</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <form13FFileNumber>000-16427</form13FFileNumber>
            <name>UNITED INSURANCE COMPANY OF AMERICA</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>2</sequenceNumber>
          <otherManager>
            <form13FFileNumber>028-18134</form13FFileNumber>
            <name>ALLIANCE UNITED INSURANCE CO</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
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<TYPE>INFORMATION TABLE
<SEQUENCE>2
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  <infoTable>
    <nameOfIssuer>AKAMAI TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>NOTE 0.125% 5/0</titleOfClass>
    <cusip>00971TAJ0</cusip>
    <value>1639</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1250000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1250000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARCONIC CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03966V107</cusip>
    <value>14</value>
    <shrsOrPrnAmt>
      <sshPrnamt>427</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>427</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARES CAPITAL CORP</nameOfIssuer>
    <titleOfClass>NOTE 3.750% 2/0</titleOfClass>
    <cusip>04010LAT0</cusip>
    <value>1115</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARES CAPITAL CORP</nameOfIssuer>
    <titleOfClass>NOTE 4.625% 3/0</titleOfClass>
    <cusip>04010LAW3</cusip>
    <value>510</value>
    <shrsOrPrnAmt>
      <sshPrnamt>450000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>450000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BOOKING HOLDINGS INC</nameOfIssuer>
    <titleOfClass>NOTE 0.750% 5/0</titleOfClass>
    <cusip>09857LAN8</cusip>
    <value>221</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>150000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EURONET WORLDWIDE INC</nameOfIssuer>
    <titleOfClass>NOTE 0.750% 3/1</titleOfClass>
    <cusip>298736AL3</cusip>
    <value>1517</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1400000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1400000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FTI CONSULTING INC</nameOfIssuer>
    <titleOfClass>NOTE 2.000% 8/1</titleOfClass>
    <cusip>302941AP4</cusip>
    <value>1162</value>
    <shrsOrPrnAmt>
      <sshPrnamt>750000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>750000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FORTIVE CORP</nameOfIssuer>
    <titleOfClass>NOTE 0.875% 2/1</titleOfClass>
    <cusip>34959JAK4</cusip>
    <value>550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>550000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>550000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HANNON ARMSTRONG SUST INFR C</nameOfIssuer>
    <titleOfClass>NOTE 8/1</titleOfClass>
    <cusip>41068XAD2</cusip>
    <value>947</value>
    <shrsOrPrnAmt>
      <sshPrnamt>800000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>800000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HERCULES CAPITAL INC</nameOfIssuer>
    <titleOfClass>DBCV 4.375% 2/0</titleOfClass>
    <cusip>427096AF9</cusip>
    <value>928</value>
    <shrsOrPrnAmt>
      <sshPrnamt>900000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>900000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOPE BANCORP INC</nameOfIssuer>
    <titleOfClass>NOTE 2.000% 5/1</titleOfClass>
    <cusip>43940TAB5</cusip>
    <value>926</value>
    <shrsOrPrnAmt>
      <sshPrnamt>950000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>950000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HORACE MANN EDUCATORS CORP N</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>440327104</cusip>
    <value>18087</value>
    <shrsOrPrnAmt>
      <sshPrnamt>467359</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>467359</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOWMET AEROSPACE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>443201108</cusip>
    <value>54</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1710</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>1710</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ILLUMINA INC</nameOfIssuer>
    <titleOfClass>NOTE 8/1</titleOfClass>
    <cusip>452327AK5</cusip>
    <value>1439</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1250000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1250000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>CORE S&amp;P TTL STK</titleOfClass>
    <cusip>464287150</cusip>
    <value>9666</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90356</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>90356</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>CORE S&amp;P TTL STK</titleOfClass>
    <cusip>464287150</cusip>
    <value>4382</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40958</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>40958</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>CORE S&amp;P500 ETF</titleOfClass>
    <cusip>464287200</cusip>
    <value>10792</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22625</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>22625</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>RUS 1000 ETF</titleOfClass>
    <cusip>464287622</cusip>
    <value>3146</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11896</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>11896</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>PFD AND INCM SEC</titleOfClass>
    <cusip>464288687</cusip>
    <value>8537</value>
    <shrsOrPrnAmt>
      <sshPrnamt>216500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>216500</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>CORE MSCI TOTAL</titleOfClass>
    <cusip>46432F834</cusip>
    <value>80584</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1135946</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>1135946</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>CORE MSCI TOTAL</titleOfClass>
    <cusip>46432F834</cusip>
    <value>5472</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77141</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>77141</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JAZZ INVESTMENTS I LTD</nameOfIssuer>
    <titleOfClass>NOTE 2.000% 6/1</titleOfClass>
    <cusip>472145AF8</cusip>
    <value>790</value>
    <shrsOrPrnAmt>
      <sshPrnamt>700000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>700000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KAMAN CORP</nameOfIssuer>
    <titleOfClass>NOTE 3.250% 5/0</titleOfClass>
    <cusip>483548AF0</cusip>
    <value>663</value>
    <shrsOrPrnAmt>
      <sshPrnamt>650000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>650000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LUMENTUM HLDGS INC</nameOfIssuer>
    <titleOfClass>NOTE 0.500%12/1</titleOfClass>
    <cusip>55024UAD1</cusip>
    <value>993</value>
    <shrsOrPrnAmt>
      <sshPrnamt>800000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>800000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MERITOR INC</nameOfIssuer>
    <titleOfClass>NOTE 3.250%10/1</titleOfClass>
    <cusip>59001KAF7</cusip>
    <value>946</value>
    <shrsOrPrnAmt>
      <sshPrnamt>870000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>870000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROCHIP TECHNOLOGY INC.</nameOfIssuer>
    <titleOfClass>NOTE 0.125%11/1</titleOfClass>
    <cusip>595017AU8</cusip>
    <value>1125</value>
    <shrsOrPrnAmt>
      <sshPrnamt>900000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>900000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>629377508</cusip>
    <value>5</value>
    <shrsOrPrnAmt>
      <sshPrnamt>118</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>118</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PIONEER NAT RES CO</nameOfIssuer>
    <titleOfClass>NOTE 0.250% 5/1</titleOfClass>
    <cusip>723787AP2</cusip>
    <value>2140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1200000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1200000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RESOLUTE FST PRODS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76117W109</cusip>
    <value>68</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4425</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>4425</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>9750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20529</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>20529</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SER TR</nameOfIssuer>
    <titleOfClass>PORTFOLI S&amp;P1500</titleOfClass>
    <cusip>78464A805</cusip>
    <value>9037</value>
    <shrsOrPrnAmt>
      <sshPrnamt>154609</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>154609</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SER TR</nameOfIssuer>
    <titleOfClass>PORTFOLIO S&amp;P500</titleOfClass>
    <cusip>78464A854</cusip>
    <value>6334</value>
    <shrsOrPrnAmt>
      <sshPrnamt>113455</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>113455</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB STRATEGIC TR</nameOfIssuer>
    <titleOfClass>US BRD MKT ETF</titleOfClass>
    <cusip>808524102</cusip>
    <value>9773</value>
    <shrsOrPrnAmt>
      <sshPrnamt>86480</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>86480</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB STRATEGIC TR</nameOfIssuer>
    <titleOfClass>US BRD MKT ETF</titleOfClass>
    <cusip>808524102</cusip>
    <value>2925</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25880</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>25880</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB STRATEGIC TR</nameOfIssuer>
    <titleOfClass>US LRG CAP ETF</titleOfClass>
    <cusip>808524201</cusip>
    <value>9873</value>
    <shrsOrPrnAmt>
      <sshPrnamt>86743</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>86743</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD STAR FDS</nameOfIssuer>
    <titleOfClass>VG TL INTL STK F</titleOfClass>
    <cusip>921909768</cusip>
    <value>2241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35246</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>35246</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer>
    <titleOfClass>TT WRLD ST ETF</titleOfClass>
    <cusip>922042742</cusip>
    <value>226855</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2111652</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>2111652</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
    <titleOfClass>S&amp;P 500 ETF SHS</titleOfClass>
    <cusip>922908363</cusip>
    <value>10959</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25103</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>25103</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
    <titleOfClass>LARGE CAP ETF</titleOfClass>
    <cusip>922908637</cusip>
    <value>3202</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14487</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>14487</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
    <titleOfClass>TOTAL STK MKT</titleOfClass>
    <cusip>922908769</cusip>
    <value>11108</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46006</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>46006</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
    <titleOfClass>TOTAL STK MKT</titleOfClass>
    <cusip>922908769</cusip>
    <value>2939</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12173</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>12173</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VISHAY INTERTECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>NOTE 2.250% 6/1</titleOfClass>
    <cusip>928298AP3</cusip>
    <value>987</value>
    <shrsOrPrnAmt>
      <sshPrnamt>950000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>950000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ANTHEM INC</nameOfIssuer>
    <titleOfClass>NOTE 2.750%10/1</titleOfClass>
    <cusip>94973VBG1</cusip>
    <value>1984</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>300000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WELLS FARGO CO NEW</nameOfIssuer>
    <titleOfClass>PERP PFD CNV A</titleOfClass>
    <cusip>949746804</cusip>
    <value>1677</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1125</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WESTERN DIGITAL CORP.</nameOfIssuer>
    <titleOfClass>NOTE      1.500% 2/0</titleOfClass>
    <cusip>958102AP0</cusip>
    <value>1560</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1550000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1550000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORWEGIAN CRUISE LINE HLDG L</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G66721104</cusip>
    <value>69</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3321</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>3321</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
