Horace Mann Educators Corporation (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....
Only subscribers can access this article, which is part of the PRO research library covering 3,570 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: