Nebraska-based insurer Berkshire Hathaway has acquired an undisclosed equity stake in Illinois-based group Kemper Insurance.
Under the deal, Berkshire Hathaway will make an equity investment in Kemper's portfolio through a stock insurance unit being formed by Kemper.
Berkshire will also provide reinsurance cover for several of Kemper's operations.
Kemper CEO David Mathis commented that Berkshire's move was "an endorsement of our strategy for profitable growth driven by our high margin and specialty businesses and the substantial improvement in our middle-market results".
