About Us

Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

Laser Focus World Membership

Never miss any articles, videos, podcasts, or webinars by signing up for membership access to Laser Focus World online. You can manage your preferences all in one place—and provide our editorial team with your valued feedback.

Magazine Subscription

Can you subscribe to receive our print issue for free? Yes, you sure can!

Newsletter Subscription

A Laser Focus World newsletter subscription is free to qualified professionals:

The Daily Beam

Showcases the newest content from Laser Focus World, including photonics- and optics-based applications, components, research, and trends. (Daily)

Product Watch

The latest in products within the photonics industry. (9x per year)

Bio & Life Sciences Product Watch

The latest in products within the biophotonics industry. (4x per year)

Laser Processing Product Watch

The latest in products within the laser processing industry. (3x per year)

Get Published!

If you’d like to write an article for us, reach out with a short pitch to Sally Cole Johnson: [email protected]. We love to hear from you.

Photonics Hot List

Laser Focus World produces a video newscast that gives a peek into what’s happening in the world of photonics.

Following the Photons: A Photonics Podcast

Following the Photons: A Photonics Podcast dives deep into the fascinating world of photonics. Our weekly episodes feature interviews and discussions with industry and research experts, providing valuable perspectives on the issues, technologies, and trends shaping the photonics community.

Social Media

Bluesky • Facebook • Instagram • LinkedIn • YouTube

Meet the Laser Focus World Team

Editorial

Sales

Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology
My Watchlist
Indicators
Industrial Laser Index
Markets
Stocks
ETFs
Tools
Markets:
Overview
News
Currencies
International
Treasuries

AM Best Assigns Issue Credit Rating to Kemper Corporation’s Forthcoming Senior Unsecured Notes

By: via Business Wire

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” (Good) to the forthcoming $400 million of 3.8% senior unsecured notes, due 2032, to be issued by Kemper Corporation (Kemper) (headquartered in Chicago, IL) [NYSE: KMPR]. The outlook assigned to the Credit Rating (rating) is negative. The new senior unsecured debt ranks pari passu with the company’s outstanding senior unsecured notes.

Proceeds from the senior unsecured notes offering will be used primarily to fund the redemption of the $275 million of outstanding 5.0% senior unsecured notes due September 2022 of Infinity Property and Casualty Corporation (Infinity), a wholly owned subsidiary of Kemper, in accordance with the terms of the indenture governing those notes. The 2022 notes originally were issued by Infinity, and on Nov. 30, 2018, became guaranteed by Kemper, in connection with its acquisition of Infinity. Remaining proceeds from the senior unsecured notes offering are expected to be used for general corporate purposes, which may include ordinary course working capital and investments in other business opportunities, including acquisitions, and to pay related fees and expenses.

The rating assignments consider the rating profile of Kemper’s principal insurance subsidiary units, as well as the parent company’s financial leverage, coverage and overall debt servicing profile, and the application of appropriate notching to reflect structural subordination of the holding company’s senior unsecured debt.

Kemper’s financial leverage, as calculated by AM Best, was in the low-to-mid 20% range at year-end 2021, and will increase to the mid-to-high 20% range, net of the retirement of the Infinity senior unsecured notes. Earnings coverage of interest expense was negative in 2021, given the company’s operating loss. However, the holding company has access to liquidity through various sources, including cash and investments, a revolving credit agreement and term facility, advances from certain subsidiaries under preapproved Federal Home Loan Bank agreements and dividends from its subsidiaries, as well as access to the debt and equity capital markets. For 2022, Kemper estimates that its direct insurance subsidiaries would be able to pay approximately $191 million in dividends to Kemper without prior regulatory approval. AM Best expects Kemper’s go-forward leverage and coverage metrics to remain within guidance.

The negative rating outlook for Kemper, and for its principal operating units, primarily reflects the significant earnings deterioration of the group’s property/casualty insurance operations in 2021, which resulted in reduced capital levels at the operating companies and holding company, and the likelihood of continued earnings weakness and the potential for further capital erosion in 2022. Underlying significant deterioration in underwriting performance during the latter half of 2021 was a sharp rise in claims severity in the automobile line of business, which accounts for the vast majority of the property/casualty insurance operation’s premium volume, largely reflecting significant supply chain issues, labor shortages and inflationary pressures.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

More News

View More
EA’s $55 Billion Deal Spurs a Shake-Up in the Gaming Sector
Via MarketBeat
Tickers EA RBLX TTWO
These Are the 3 Hottest Sectors for Q3 Earnings Growth
Via MarketBeat
Topics Artificial Intelligence ETFs
Tickers AAPL AVGO BRK BRK-A CEG JPM
AMD Could Double From Here—Thanks to Its Blockbuster OpenAI Deal
Via MarketBeat
Topics Artificial Intelligence
Tickers AMD AMZN GOOGL MSFT NVDA ORCL
The Juice Is Loose: Why Plug Power's Rally Is Just the Beginning
Via MarketBeat
Topics Artificial Intelligence
Tickers FSUMF GLPEY PLUG
These 2 Must-Watch Firms Could Get a Boost From Earnings Reports
Via MarketBeat
Tickers AZZ UNTY
Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.