Horace Mann Closes Acquisition of Madison National Life Insurance Company.
MANews-(C)2009-2022
US-based insurance and financial solutions provider Horace Mann Educators Corp. (NYSE: HMN) has closed the acquisition of US-based group life, disability and specialty health insurance provider Madison National Life Insurance Company, Inc., which serves educators and public sector employees, the company said.
The transaction was funded with cash on hand and additional borrowings on the company's revolving credit facility.
Reflecting those borrowings, Horace Mann's leverage ratio will be approximately 25% at year-end 2021, which aligns with levels appropriate for the company's current financial strength ratings.
Beginning with first quarter 2022, Horace Mann will report financial results in two divisions: Individual Insurance...
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