Horace Mann Educators Corporation
| File:Horace Mann Educators Corporation .png | |
| Company type | Public company |
|---|---|
| NYSE: HMN S&P 600 component | |
| Industry | Insurance Financial services |
| Founded | 1945 |
| Founder | Leslie Nimmo and Carrol Hall |
| Headquarters | , |
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 |
Horace Mann is a financial and insurance firm based in Illinois, focusing on auto, property, supplemental, and life insurance products, as well as retirement annuities and mutual funds. Its primary clientele consists of educators and their families.
History
Established in 1945 in Springfield, Illinois by educators Leslie Nimmo and Carrol Hall, the company originally operated as the IEA (Illinois Education Association) Mutual Insurance Company to offer auto insurance specifically for Illinois teachers. Named in honor of the American education reformer Horace Mann, the firm extended its reach beyond Illinois by 1947 and introduced the Horace Mann Life Insurance Company in 1949. Subsequent additions included property insurance, followed by tax-deferred annuities beginning in 1961, and an expansion into mutual funds in 2003.
In 1974, Philadelphia’s Insurance Company of North America (INA) acquired Horace Mann; INA later merged with CIGNA in 1982. A management-led investor consortium purchased Horace Mann from CIGNA in 1989. The company became publicly traded in November 1991 through an initial public offering priced at $18 per share and is listed on the NYSE under the ticker HMN.
The company broadened its property and casualty insurance segment by acquiring Allegiance Insurance Company in 1994, which was rebranded as Horace Mann Property & Casualty Insurance Company in 2001. Since 2013, Marita Zuraitis has held the position of CEO. The corporate headquarters located in Springfield occupies a building designed by architect Minoru Yamasaki. Additionally, regional claims offices operate out of Irving, Texas, and Morrisville, North Carolina.
Horace Mann supports a network of over 600 exclusive agencies across the country and employs around 1,400 individuals, with approximately 1,100 based at its headquarters.
In January 2022, Horace Mann finalized its acquisition of Madison National Life Insurance Company—a provider specializing in group life, disability, and specialty health insurance tailored for educators and public sector workers. This acquisition was initially announced in July 2021.
Insurance products and solutions
Horace Mann provides a range of personal property and casualty (P&C) insurance options, including coverage for automobiles, homeowners, renters, and umbrella policies. In addition to P&C offerings, the company markets various life insurance products such as whole life, term life, universal life, variable universal life, and indexed universal life policies. Since the 1960s, Horace Mann has been supplying tax-advantaged annuities tailored for 403(b) retirement plans aimed at educators, maintaining service to both individual clients and group annuity sectors. The firm also distributes mutual funds via its affiliated broker-dealer, Horace Mann Investors, Inc.
The organization extends administrative support to school districts by managing Section 125 cafeteria plans, which allow employees to utilize pre-tax income for out-of-pocket medical and dependent care costs. Serving as a Third-Party Administrator (TPA), Horace Mann offers administration and advisory services for 403(b) and 457(b) retirement plans to ensure adherence to IRS regulations. Additionally, it promotes financial education through various workshop programs.
Horace Mann sponsors educational honors such as the NEA Foundation Awards for Teaching Excellence and collaborates with DonorsChoose.org to provide backing for educators and academic institutions.