Kemper has closed the sale of certain operating assets of the Eagle Insurance Companies, along with Kemper Employers Insurance Company (KEIC), which will serve as the underwriting company for Eagle's former lines of business going forward. The sale also includes rights to renew Eagle's policies and ownership of the Seattle-based Managing General Underwriter, PointSure Insurance Services, Inc.

The buyer is a newly created holding company, SeaBright Insurance Holdings, Inc., organized by Summit Partners, a leading global private equity and venture capital firm, along with members of Eagle's senior executive team. KEIC will be renamed SeaBright Insurance Company following regulatory approvals of the new name.

SeaBright will continue to provide workers' compensation coverage for maritime and other specialty niche operations. In addition, SeaBright, staffed with Eagle's former employees, will administer the run off of Eagle's existing business.

Eagle's more than 100 employees have all been offered comparable positions with SeaBright. The new company intends to operate in all of Eagle's former markets from current Eagle office locations.

The transaction was closed on Sept. 30, 2003 and follows definitive agreements reached in late July.