Kemper Corp. (KMPR) Sees Q3 Charge on Software Implementation

In September 2014, certain members of management of Kemper Corporation (NYSE: KMPR) participated in discussions with the product leadership team of a software vendor that is developing computer software for the Company’s Property & Casualty Insurance segment. Over the course of these meetings, the vendor’s team signaled likely changes in the strategic direction for the vendor's product offerings in the property and casualty insurance market, including the software being developed for the Company, as well as the vendor’s related marketing strategy. Although the Company has not made a final determination as to viability or the extent to which it may ultimately use the software, the Company has assessed the impact of these changes on the Company’s ability to fully complete and implement the software. The Company determined on September 30, 2014 that it is no longer probable that certain software will be completed and/or fully implemented. Accordingly, the Company’s third quarter results will include a non-cash charge of approximately $35 million after tax to write off such software.

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