CHICAGO--(BUSINESS WIRE)--April 1, 2008--Unitrin, Inc. (NYSE:UTR)
said today that it has completed its previously announced acquisition
of Primesco, Inc. of Decatur, Alabama, in a cash merger transaction
valued at $95.6 million. Primesco's wholly-owned subsidiaries, Mutual
Savings Life Insurance Company ("Mutual Savings") and Mutual Savings
Fire Insurance Company ("Mutual Savings Fire"), specialize in the sale
of life, health and fire insurance products to persons of modest
financial means in Alabama, Georgia, Mississippi and several other
states in the Southeast. Like Unitrin's Career Agency companies,
Mutual Savings and Mutual Savings Fire employ a network of employee
agents who call on customers in their homes to sell and service
products and collect premiums. For the year ended December 31, 2007,
Mutual Savings and Mutual Savings Fire had total premium revenues of
approximately $52.6 million.
Donald G. Southwell, Unitrin's Chief Executive Officer, said: "The
acquisition of Primesco and its flagship companies, Mutual Savings and
Mutual Savings Fire, is an excellent fit for our existing Career
Agency operations and underscores our commitment to grow our Career
Agency business segment and to continue to serve an otherwise
underserved part of the life and health insurance marketplace. We are
especially pleased to welcome the employees of Primesco to the Unitrin
Unitrin is a $3 billion financial services company focused on
creating shareholder value by providing a diverse array of insurance
and automobile finance products and services for individuals, families
and small businesses.
Among the brands in Unitrin's Property and Casualty Insurance
business are Kemper(R)(1), Unitrin Specialty and Unitrin Business
Insurance, which sell personal and commercial insurance through
networks of independent agents, and Unitrin Direct, which sells auto
insurance directly to consumers. Unitrin's Life and Health insurance
businesses bring a high level of personalized service to their
customers. Unitrin's automobile finance subsidiary, Fireside Bank,
specializes in automobile loans for the purchase of pre-owned
vehicles. Additional information about Unitrin is available by
visiting its website (www.unitrin.com).
(1) Unitrin uses the registered trademark "Kemper" under license,
for personal lines insurance only, from Lumbermens Mutual Casualty
Company, which is not affiliated with Unitrin.
CONTACT: Unitrin, Inc.
David F. Bengston, 312-661-4930
SOURCE: Unitrin, Inc.