Horace Mann Educators Corporation and Medical Mutual of Ohio have entered into two separate agreements under which Horace Mann will acquire Employee Services LLC and Reserve National Insurance Company, and reinsure MedMutual Life Insurance Company's group life and disability business. The transactions add nearly $200 million in annual revenue, serve more than one million covered lives across approximately 7,000 employer relationships, and add over 1,000 agents and brokers. The total net purchase price is approximately $240 million, financed through excess capital and borrowings under Horace Mann's existing revolving credit facility. The ESI transaction is expected to close in the fourth quarter of 2026, while the RNIC acquisition and reinsurance deal are expected to close in the first quarter of 2027, subject to customary closing conditions and regulatory approvals. Horace Mann expects the deals to be immediately accretive to core earnings per share and shareholder return on equity.
Horace Mann Educators CorporationAcquires businesses for $240M, adding $200M revenue, immediately accretive to EPS and ROE.