Horace Mann buying National Teachers Associates for $405M

|About: Horace Mann Educators Corp... (HMN)|By:, SA News Editor

Horace Mann Educators Corp. (NYSE:HMN) is acquiring National Teachers Associates Life Insurance for $405M.

Acquiring that company with 50 years of market experience will sharpen Horace Mann's focus on education markets, it says. NTA has a captive sales force of about 220 agents and wrote premiums of about $130M for the 12 months ended Sept. 30.

In the 12 months after closing, the transaction's expected to be $15M-$20M accretive to Horace Mann earnings, and improve return on equity by 100 basis points.

It will be funded by cash from the combined companies and $250M in new senior debt issued prior to closing.

The deal's expected to close in Q2 2019.

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