Horace Mann Educators Corporation

Last updated
Horace Mann Educators Corporation
Company type Public company
NYSE:  HMN
S&P 600 component
Industry Insurance
Financial services
Founded1945;79 years ago (1945) [1]
FounderLeslie Nimmo and Carrol Hall
Headquarters
Springfield, Illinois
,
U.S.
Area served
 Springfield, Illinois
Irving, Texas
Morrisville, North Carolina
Key people
 Marita Zuraitis (CEO)
Services auto insurance
property insurance
life insurance
financial services
Number of employees
1,400
Website www.horacemann.com
Horace Mann Headquarters in downtown Springfield, Illinois. Horace Mann Educators Corporation.jpg
Horace Mann Headquarters in downtown Springfield, Illinois.

Horace Mann is an Illinois-based auto, property, supplemental and life insurance, as well as financial services company that focuses on retirement annuities and mutual funds. [2] Horace Mann primarily works with educators and their families. [3]

Contents

History

Horace Mann was founded in Springfield, Illinois, in 1945. [4] Originally named the IEA (Illinois Education Association) Mutual Insurance Company because of its affiliation with the Illinois Education Association, [5] Horace Mann was founded by teachers Leslie Nimmo and Carrol Hall. Nimmo and Carroll created IEA Mutual to sell automotive insurance to Illinois teachers. The company was later renamed Horace Mann, after the American educational reformer of the same name. Mann himself was not involved with the company. In 1947, Horace Mann began to sell insurance policies outside of Illinois and in 1949, the Horace Mann Life Insurance Company was founded. [6] Horace Mann would later add property insurance. [7] In 1961, the company began selling tax-deferred annuities, and in 2003, it entered the mutual funds business. [7] In 1974, the Insurance Company of North America (INA), a Philadelphia-based insurance and financial services corporation, began increasing its holdings of Horace Mann and by January 1975 had acquired the company. In 1982, INA Corporation merged with Connecticut General Corporation, forming a new holding company known as CIGNA. [7]

In August 1989, Horace Mann was acquired from CIGNA by an investor group that included company management. [8] In November 1991, Horace Mann completed an initial public offering of common stock at $18 per share. [9] It is traded on the New York Stock Exchange as HMN. [10] [11] In January 1994, Horace Mann acquired Allegiance Insurance Company, a California property/casualty company. Horace Mann had managed Allegiance Insurance Company since 1989. [6] Allegiance Insurance Company changed its name to Horace Mann Property & Casualty Insurance Company effective March 19, 2001. [7] Marita Zuraitis has been the Director, President and CEO of the company since 2013. Horace Mann’s corporate headquarters in Springfield, Illinois, [4] reside in a building designed by architect Minoru Yamasaki. [12] Horace Mann has regional claim offices in Irving, Texas, [13] and Morrisville, North Carolina. [14] It contracts with more than 600 exclusive agencies for sales and service. [15] Horace Mann has approximately 1,400 employees, including about 1,100 at its Springfield, Illinois headquarters. [15]

In January 2022, Horace Mann announced it had completed the acquisition of Madison National Life Insurance Company, Inc. - a provider of group life, disability and specialty health insurance for educators and public sector employees. The purchase was initially announced in July 2021. [16]

Insurance policies and services

Horace Mann sells personal property and casualty (P&C) insurance, [17] including auto, [18] homeowner, renters, [19] and umbrella insurance. [20] In addition to P&C insurance, Horace Mann provides whole life insurance, term life insurance, universal life insurance, variable universal life insurance, and indexed universal life insurance. [21] Since the 1960s, Horace Mann has sold tax-deferred annuities to teachers for use in 403(b) plans. They continue to sell annuities, both individually and to groups. [22] In addition, Horace Mann provides mutual funds through its limited broker-dealer affiliate, Horace Mann Investors, Inc. [23]

Horace Mann also has administrative services for school districts, such as Section 125 cafeteria plans that allow school employees to pay for unreimbursed medical expenses and dependent care expenses with pre-tax dollars; [24] Third-Party Administrator (TPA) providing administrative and consulting services for 403(b) and 457(b) plans to ensure compliance with IRS regulations [25] and financial literacy workshops. [26] The company sponsors several awards recognizing excellence in education, including the NEA Foundation Awards for Teaching Excellence. [27] Horace Mann has also partnered with DonorsChoose.org. [28]

See also

Related Research Articles

<span class="mw-page-title-main">Horace Mann</span> American educational reformer and politician

Horace Mann was an American educational reformer, slavery abolitionist and Whig politician known for his commitment to promoting public education, he is thus also known as The Father of American Education. In 1848, after public service as Secretary of the Massachusetts State Board of Education, Mann was elected to the United States House of Representatives (1848–1853). From September 1852 to his death in 1859, he served as President of Antioch College.

<span class="mw-page-title-main">Cigna</span> American health services organization

The Cigna Group is an American multinational managed healthcare and insurance company based in Bloomfield, Connecticut. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and related products and services, the majority of which are offered through employers and other groups. Cigna is incorporated in Delaware.

<span class="mw-page-title-main">MetLife</span> American insurance company

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries. The firm was founded on March 24, 1868. MetLife ranked No. 43 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

<span class="mw-page-title-main">Mutual of Omaha</span> American insurance and financial company

Mutual of Omaha Insurance Company is a Fortune 500 mutual insurance and financial services company based in Omaha, Nebraska. Founded in 1909 as Mutual Benefit Health & Accident Association, Mutual of Omaha is a financial organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States.

<span class="mw-page-title-main">Prudential Financial</span> American life insurance company

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers throughout the United States and in over 40 other countries. In 2019, Prudential was the largest insurance provider in the United States with $815.1 billion in total assets.

<span class="mw-page-title-main">Genworth Financial</span> American insurance company

Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities.

<span class="mw-page-title-main">New York Life Insurance Company</span> American life insurance company

New York Life Insurance Company (NYLIC) is the third-largest life insurance company and the largest mutual life insurance company in the United States, and is ranked #71 on the 2023 Fortune 500 list of the largest U.S. corporations by total revenue. In 2023, NYLIC achieved the best possible ratings by the four independent rating companies. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

The Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a Springfield, Massachusetts-based life insurance company.

Express Scripts Holding Company is a pharmacy benefit management (PBM) organization. In 2017 it was the 22nd-largest company in the United States by total revenue as well as the largest pharmacy benefit management (PBM) organization in the United States. Express Scripts had 2016 revenues of $100.752 billion. Since December 20, 2018, the company has been a direct subsidiary of Bloomfield, Connecticut-based Cigna.

<span class="mw-page-title-main">Mirae Asset Financial Group</span> Financial services group

Mirae Asset Financial Group is a South Korean multinational financial services company headquartered in Seoul, South Korea. Mirae Asset provides comprehensive financial services including asset management, wealth management, investment banking, and life insurance. Mirae Asset was founded by Hyeon Joo Park in 1997 and introduced the first mutual funds to Korean retail investors in 1998. On a global consolidated basis, total group’s client assets exceed US$550 billion. Mirae Asset has global presence in Australia, Brazil, Canada, Mainland China, Hong Kong, Colombia, India, Indonesia, Japan, Korea, Mongolia, Singapore, the United Kingdom, United States and Vietnam.

<span class="mw-page-title-main">The Hartford</span> US-based insurance and investment company

The Hartford Financial Services Group, Inc., usually known as The Hartford, is a United States-based investment and insurance company. The Hartford is a Fortune 500 company headquartered in its namesake city of Hartford, Connecticut. It was ranked 160th in Fortune 500 in the year of 2020. The company's earnings are divided between property-and-casualty operations, group benefits and mutual funds.

<span class="mw-page-title-main">Insurance Company of North America</span>

Insurance Company of North America (INA) is the oldest stock insurance company in the United States, founded in Philadelphia in 1792. It was one of the largest American insurance companies of the 19th and 20th centuries before merging with Connecticut General Life to form CIGNA in 1982, and was acquired by global insurer ACE Limited in 1999.

The Ohio National Life Insurance Company is a mutual insurance company. The Ohio National Life Insurance Company is headquartered in Cincinnati, Ohio, United States. Along with its affiliated companies, the Ohio National group offers life insurance, annuities, disability insurance, group retirement plans, and investment products. It sells products in all fifty states, the District of Columbia, and Puerto Rico.

<span class="mw-page-title-main">F&G</span> American insurance company

F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.

<span class="mw-page-title-main">Northwestern Mutual</span> American financial services company

Northwestern Mutual is an American financial services mutual organization based in Milwaukee, Wisconsin. The financial security company provides consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, Financial Planning trust and private client services, estate planning and business planning. Its products include life insurance, permanent life insurance, disability income, and long-term care insurance; annuities; investments; and investment advisory products and services. Northwestern Mutual ranked No. 90 on the 2021 Fortune 500 list of the largest United States corporations by total revenue and is in the top 30 by assets held. The firm distributes a portion of its earnings to eligible policyholders as annual dividends.

Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company based in India. It was established in 2001 and currently serves 46 million customers in 148 cities and towns across India.

Brighthouse Financial, Inc. is one of the largest providers of annuities and life insurance in the United States, with $219 billion in total assets and approximately 2.6 million insurance policies and annuity contracts in-force.

<span class="mw-page-title-main">National Life Group</span> American life insurance and annuities company

National Life Group is an American life-insurance company based in Montpelier, Vermont. It is the trade name of National Life Insurance Company and its affiliates that offers life insurance and annuity products for individuals, families, and businesses. National Life Insurance Company was chartered in 1848 by the Vermont General Assembly.

<span class="mw-page-title-main">Horace Mann Educators Headquarters</span> US historic building

The Horace Mann Educators Headquarters Building, is an office building located in downtown Springfield, Illinois. It is designed by Minoru Yamasaki as the headquarters of Horace Mann Educators Corporation and opened in 1972. The International Style structure was part of a massive urban renewal project on the north edge of downtown. The building, in its park-like setting, encompasses two city blocks.

References

  1. ↑ "Horace Mann Companies Endows Scholarship for Teachers".[ permanent dead link ]
  2. ↑ Sterling, Dawn (July 20, 2016). "Horace Mann Awards Two College Scholarships". wandtv.com.
  3. ↑ Ainsworth, Camille (August 28, 2016). "Horace Mann (NYSE:HMN) Broker Price Targets For The Coming Week". fiscalstandard.com. Archived from the original on October 2, 2016.
  4. 1 2 "New Horace Mann CEO getting to know company, community - News - The State Journal-Register - Springfield, IL". 2016-12-28. Archived from the original on 2016-12-28. Retrieved 2017-07-13.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  5. ↑ Illinois Education. 1962.
  6. 1 2 Pederson, Jay P. (1998). International Directory of Company Histories. St. James Press. p. 269.
  7. 1 2 3 4 "Horace Mann .". International Directory of Company Histories,. 2006.
  8. ↑ "Cigna Closes Sale Of Horace Mann". tribunedigital-chicagotribune. Retrieved 2017-07-13.
  9. ↑ "Horace Mann To Acquire Insurer For $35 Million". tribunedigital-chicagotribune. Retrieved 2017-07-13.
  10. ↑ "Events". www.nyse.com. Archived from the original on 2018-07-11. Retrieved 2017-07-13.
  11. ↑ Dill, Kathryn. "America's 50 Most Trustworthy Financial Companies". Forbes. Retrieved 2017-07-17.
  12. ↑ Emanuel, Muriel (23 January 2016). "Contemporary Architects" [ dead link ]. Springer – via Google Books.
  13. ↑ Hethcock, Bill (October 19, 2008). "Horace Mann Picks N. Texas". American City Business Journals .
  14. ↑ "Horace Mann Insurance Co". United States Chamber of Commerce.
  15. 1 2 "MSDOC". 2016-10-02. Archived from the original on 2016-10-02. Retrieved 2017-07-14.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  16. ↑ "Horace Mann completes acquisition of Madison National Life Insurance Company". uk.finance.yahoo.com. Retrieved 2022-01-20.
  17. ↑ Editorial, Reuters. "${Instrument_CompanyName} ${Instrument_Ric} Company Profile | Reuters.com". Reuters. Retrieved 2017-07-17.{{cite web}}: |first= has generic name (help)
  18. ↑ columnist, By Gerri Willis, CNNMoney.com contributing. "5 Tips: Cut your car insurance costs - Apr. 24, 2006". money.cnn.com. Retrieved 2017-07-14.{{cite web}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
  19. ↑ "Horace Mann - Management Today Magazine". 2016-10-01. Archived from the original on 2016-10-01. Retrieved 2017-07-14.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  20. ↑ "Basketball gives Morrow normalcy - InsuranceNewsNet". insurancenewsnet.com. Retrieved 2017-07-14.
  21. ↑ Editorial, Reuters. "${Instrument_CompanyName} ${Instrument_Ric} Company Profile | Reuters.com". Reuters. Retrieved 2017-07-14.{{cite web}}: |first= has generic name (help)
  22. ↑ Plunkett, Jack W. (March 1, 2009). Plunkett's Companion to the Almanac of American Employers 2009: Mid-Size Firms. Plunkett Research, Ltd. ISBN   9781593921262.
  23. ↑ "HM9:Frankfurt Stock Quote - Horace Mann Educators Corp". Bloomberg.com. Retrieved 2017-07-14.
  24. ↑ "ASBO | The Horace Mann Companies". asbointl.org. Retrieved 2017-07-14.
  25. ↑ "Flexible Benefits Services | Horace Mann". schools.horacemann.com. Retrieved 2017-07-14.
  26. ↑ "Horace Mann Now National Sponsor of DonorsChoose.org". msnbc.com. 2011-01-03. Retrieved 2017-07-14.
  27. ↑ "Coweta teacher nominated for national award". The Citizen. 2016-08-29. Retrieved 2017-07-14.
  28. ↑ Correspondent, BRITT GREENWOOD World. "Glenpool teacher only Oklahoma recipient of Horace Mann education grant". Tulsa World. Retrieved 2017-07-14.{{cite news}}: |last= has generic name (help)
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.