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A.M. Best Co. has assigned indicative ratings of “bbb” on senior debt, “bbb-” on subordinated debt and “bb+” on the preferred stock of
Horace Mann Educators Corporation (HMEC) [NYSE: HMN] (Delaware). The outlook assigned to these ratings is stable. The new shelf registration replaces HMEC’s previous shelf registration, which has expired. Consequently, the indicative ratings for the previous shelf registration have been withdrawn.
The rating assignments recognize Horace Mann Property & Casualty’s strong overall capitalization, moderate operating earnings and continued expertise in writing personal lines products in the educators’ market, which has enabled the group to obtain numerous endorsements from local, state and national educational associations. The rating assignments also recognize Horace Mann Life’s important role within HMEC and the benefits it derives from HMEC’s strong business franchise in the K-12 educators’ market. Furthermore, the ratings reflect Horace Mann Life’s strong risk-adjusted capital position and considerable improvement in its operating results in recent years due to strong annuity sales and improving yields in its investment portfolio.