Horace Mann Educators To Buy National Teachers Associates Life Insurance Co.

(RTTNews) - Horace Mann Educators Corp. (HMN) Monday said it has agreed to acquire National Teachers Associates Life Insurance Company for $405 million.

National Teachers Associates is a provider of supplemental insurance products to the education market with nearly 50 years of experience. For the 12 months ended September 30, 2018, NTA premiums were about$130 million and total core earnings were around $30 million.

The combined company will have an enhanced product set, additional points of distribution and expanded scale. The transaction is expected to deliver immediate EPS and ROE accretion with additional long-term upside from cross-sell opportunities.

"We are excited to welcome NTA's employees, agents, policyholders and management to Horace Mann," said President and CEO Marita Zuraitis. "This transaction brings together two organizations that share a deep commitment to the education market, increasing our reach and distribution by more than 30% with limited geographic overlap. The addition of NTA will accelerate our progress toward becoming the company of choice to provide financial solutions to the education market."

The deal is expected to close in the second quarter of 2019, pending regulatory approvals and other customary closing conditions.