Kemper Corp to acquire Infinity Corp, establishing a leader in the non-standard auto insurance business

Kemper Corp.(NYSE:KMPR), said late Tuesday it has agreed to buy Infinity Property and Casualty Corp.(NASDAQ:IPCC) in a cash-and-stock deal worth about $1.4 billion.

The combined company would have a portfolio of about $2.2 billion in higher-risk insurance premiums.

Under the terms of the merger agreement, Infinity shareholders will receive $51.60 in cash and 1.2019 Kemper common shares for each share of Infinity common stock.

The deal is expected to close in the third quarter, subject to shareholder approval and other conditions.

Kemper shares were down 0.35%, and Inifinity was down 1%