Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Horace Mann Educators: Insuring Teachers At A Discount To Book

Horace Mann Educators Corporation (NYSE:HMN) is not your average insurer. Recall, for a moment, the article 21 year old Buffett wrote about GEICO in 1951. In it he describes the benefits of owning an insurance business ("lack of inventory, [no] collection, [or] labor and raw material problems… [no problem of] product obsolescence [or] related equipment obsolescence"), and he also describes why GEICO is great: it selects from a very specific class of individuals whom are considered low risks -- government employees. Further, it lacks agent commission expenses by skipping agents altogether - you know the old story.

One of the groups GEICO targeted was faculty members of schools -- a similarity shared with Horace Mann Educators. In addition...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details