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
  • Access Top Ideas, chosen by Seeking Alpha’s editors
  • Filter long and short ideas by market cap and sector
  • Get Coverage of over 5,000 stocks, many of which have little or no coverage elsewhere
"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
100% Satisfaction Guaranteed
Money back guarantee. Seeking Alpha PRO members receive a no-questions-asked refund for membership on months paid and not used. Details