The Kemper Corporation “Kemper” is exiting their preferred home and auto insurance, and will take immediate action to non-renew and cancel all policies as allowed by state regulations.

The company had been reviewing all options for corrective action since November 2022. And earlier this year, Kemper announced a $45.5 million after-tax goodwill impairment charge related to its preferred business strategic review.

“The decision to exit the business was made after thoughtful evaluation of our options and considered the most effective and efficient way to support our stakeholders,” said Joseph P. Lacher, Jr., Kemper’s President, CEO and Chairman. “It enables us to release capital and increase the resources available to support our core specialty auto and life businesses.”

Kemper’s decision means nearly $500 million in premiums will come off the company’s books.

Kemper is another casualty of this extremely difficult insurance environment in California.