December 11, 2002 at 07:00 PM
NU Online News Service, Dec. 11, 9:52 a.m. – Horace Mann Educators Corp., Springfield, Ill., which sells life insurance and other insurance products to teachers, says it has restructured its capital by trading 1.8 million shares of common stock for $56 million of its $201 million in debt.
The company has also beefed up the risk-based capital ratio at its primary life insurance subsidiary, Horace Mann Life Insurance Company, by arranging for Sun Life Reinsurance Company Limited to reinsure 57.7% of its in-force, interest-sensitive life insurance. Sun Life Re will pay Horace Mann a $50 million ceding commission, which will increase Horace Mann Life’s statutory surplus by $32.5 million, or 17%, Horace Mann says.
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