Horace Mann Educators Corp. has completed a previously announced acquisition of Benefit Consultants Group (BCG), a retirement plan provider.
Horace Mann — a Springfield, Illinois-based company that sells life insurance, group annuities and other products to teachers and other school employees — said BCG will stay in its offices in Cherry Hill, New Jersey, with the same name and the same managers.
Horace Mann is still in the process of acquiring another company, National Teachers Associates Life Insurance Company (NTA) of Dallas.
NTA is a Dallas-based company that issues cancer insurance, insurance against heart conditions, and other supplemental insurance products. It also sells life insurance and disability income insurance.
In October, Moody’s Investors Service increased Horace Mann’s senior debt rating to Baa2, from Baa3, and it increased the insurance financial strength rating on the company’s Horace Mann Life Insurance Company unit to A2, from A3.
The Horace Mann Life unit has good profitability, a good position in the 403(b) retirement plan market at K-12 schools, and strong capital adequacy, Moody’s said.
Moody’s said one factor that could lead to another increase in the life unit’s ratings would be an effort by the unit to expand the share of sales coming from products other than life insurance and tax-sheltered annuities.
— Read 2019 Life, Health and Annuity Planner, on ThinkAdvisor.