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AM Best Affirms Credit Ratings of Horace Mann Educators Corporation and Its Subsidiaries

Business Wire

OLDWICK, N.J., September 25, 2026--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" (Excellent) of the property/casualty (P/C) and life/health (L/H) members of Horace Mann Educators Corporation (HMEC) (headquartered in Springfield, IL). Additionally, AM Best has affirmed the Long-Term ICR of "bbb" (Good) of HMEC and the associated Long-Term Issue Credit Ratings (Long-Term IRs). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed list of the subsidiaries and Long-Term IRs.)

The ratings reflect HMEC's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

HMEC's Long-Term ICR is driven by the group's very strong balance sheet strength assessment, which is supported by its strongest risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and utilization of highly rated reinsurers with a strong level of reinsurance catastrophe protection. However, these positive factors are offset partially by restricted fungibility of capital as excess capital rests within the operating entities and a higher allocation to less liquid asset classes, and structured securities, along with lower-rated investment-grade bonds. The group entered into two separate agreements with Medical Mutual of Ohio to acquire Employee Services, LLC and Reserve National Insurance Company (RNIC), and to reinsure MedMutual Life Insurance Company's group life and disability business. The transaction is modest relative to HMEC's overall operations, and AM Best does not expect it to affect the organization's balance sheet strength materially.

HMEC benefits from a well-diversified operating profile within P/C, life and supplemental benefit business segments. Overall results have been positive over the recent five-year period, with the group generating consistently growing earnings in each of the past five quarters. Strong net investment income continues to boost overall earnings. Significant rate and non-rate underwriting actions within the auto and property lines of business have contributed to significant improvements in overall operating results. The agreement to acquire RNIC is expected to be accretive immediately in 2027, strengthening the company's earnings profile. While the transaction is expected to impact the supplemental block of business materially, the overall impact is not expected to influence the opinion of the group's operating performance, which remains as adequate.

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