EVEREN Is Kemper's New Pick for Name

the firm had previously announced. Instead, its new name will be EVEREN Securities Inc.

Kemper said it feared a possible legal challenge from Capital Markets Assurance Corp., which is known as CapMAC.

The name change is part of a pending employee buyout of the Chicago- based firm, which is expected to be completed this week. The buyout will give employees a nearly 55% stake in the firm, through a stock ownership plan.

Under the employee buyout, 44% of the brokerage unit will be spun off to Kemper Corp. stockholders, while a final 1% of nonvoting common stock will be issued to an undisclosed group of Kemper Securities management.

"The important thing is that our planned spinoff from Kemper Corp. is proceeding on schedule. We are still the same organization," said Kemper chairman and chief executive office James R. Boris in a press release last week. "Our new name reflects our 90-year tradition of serving our clients' needs and the value we place on long-term relationships."

The new name, EVEREN, is meant to suggest a stable organization with a solid, enduring financial base, Boris said.