AM Best Comments on Credit Ratings of Horace Mann Educators Corporation and Its Subsidiaries
11 Décembre 2018 - 2:17PM
Business Wire
AM Best has commented that the Credit Ratings (ratings)
of Horace Mann Educators Corporation (Horace Mann) (headquartered
in Springfield, IL) [NYSE: HMN] and its insurance operating
subsidiaries are unchanged following the recent announcement that
Horace Mann has signed a definitive agreement to acquire National
Teachers Associates Life Insurance Company (NTA Life) (Addison, TX)
and its subsidiary, NTA Life Insurance Company of New York (NTA
Life of NY) (New York, NY).
NTA Life and NTA Life of NY are established insurers in the
voluntary supplemental health and life insurance market, with
nationwide distribution capabilities and a captive sales force.
Under the terms of the transaction, Horace Mann will acquire NTA
Life for $405 million. The transaction can be funded with cash from
the combined companies and $250 million of new senior debt issued
prior to closing. NTA Life will afford Horace Mann with
diversification in premiums and earnings, and improve the value
proposition for the education market.
Following the completion of the acquisition, Horace Mann’s
financial leverage and coverage are expected to remain in line with
AM Best’s expectations for its current rating level. AM Best will
continue to assess the impact of the transaction, as additional
details are made available and will consider rating actions should
they become necessary. The closing of the transaction is expected
to be completed in the second quarter of 2019.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Understanding Best’s Credit Ratings. For
information on the proper media use of Best’s Credit Ratings and AM
Best press releases, please view Guide for Media - Proper
Use of Best’s Credit Ratings and AM Best Rating Action Press
Releases.
AM Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit
www.ambest.com for more information.
Copyright © 2018 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Jonathan Harris, CFA, FRM, CPCUSenior Financial
Analyst—P/C+1 908 439 2200, ext.
5771jonathan.harris@ambest.com
Louis SilversSenior Financial Analyst—L/H+1 908
439 2200, ext. 5802louis.silvers@ambest.com
Christopher SharkeyManager, Public Relations+1
908 439 2200, ext. 5159christopher.sharkey@ambest.com
Jim PeavyDirector, Public Relations+1 908 439
2200, ext. 5644james.peavy@ambest.com
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