AM Best upgrades credit ratings of Madison National Life Insurance Company; affirms ratings of Horace Mann Educators Corporation and other subsidiaries
August 10 2023 - 4:15PM
Business Wire
Cites balance sheet strength, integration of
operations within Horace Mann Educators Corporation as factors in
upgrading Financial Strength Rating of key Worksite subsidiary
AM Best has upgraded the Financial Strength Rating (FSR) to A
(Excellent) from A- (Excellent) and the Long-Term Issuer Credit
Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of
Madison National Life Insurance Company. Horace Mann Educators
Corporation (NYSE:HMN) acquired Madison National in 2022, expanding
its employer-sponsored product line in its Supplemental and Group
Benefits segment and further diversifying Horace Mann.
“The ratings of Madison National Life reflect its balance sheet
strength, which AM Best assesses as very strong, as well as
adequate operating performance, limited business profile and
appropriate enterprise risk management (ERM). The ratings also
reflect support the company receives from its parent, HMEC, and
full integration of their operations,” AM Best wrote in its
announcement.
“We’re pleased that AM Best recognizes the value of the steps
we’ve taken to integrate Madison National’s business into the
larger Horace Mann operation, and our Worksite Division
specifically, which provides us with more solutions for and ways to
reach the employee benefits market,” said Matt Sharpe, Executive
Vice President of Supplemental and Group Benefits.
AM Best has also affirmed the FSR of A (Excellent) and the
Long-Term ICR of “a” (Excellent) of the property & casualty
members of Horace Mann Insurance Group; Horace Mann Life Insurance
Company; National Teachers Associates Life Insurance Company, and
its affiliated entity, NTA Life Insurance Company of New York. In
addition, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of
Horace Mann Educators Corporation and the Long-Term Issue Credit
Rating of “bbb” (Good) on its $250 million, 4.5% senior unsecured
notes, due 2025. The outlook of these Credit Ratings is stable.
About Horace Mann
Horace Mann Educators Corporation is the largest financial
services company focused on helping America’s educators and others
who serve the community achieve lifelong financial success. The
company offers individual and group insurance and financial
solutions tailored to the needs of the educator community. Founded
by Educators for Educators® in 1945, the company is headquartered
in Springfield, Illinois. For more information, visit
horacemann.com.
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Heather J. Wietzel Vice President, Investor Relations and
Enterprise Communications 217.788.5144
investorrelations@horacemann.com
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