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HMN

Horace Mann

$38.29

0.06 (0.16%)

16:06
12/10/18
12/10
16:06
12/10/18
16:06

Horace Mann to acquire National Teachers Associates in $405M deal

Horace Mann Educators Corporation announced it has signed a definitive agreement to acquire National Teachers Associates Life Insurance Company. National Teachers Associates, through its subsidiaries, is a provider of supplemental insurance products to the education market with nearly 50 years of experience. 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. Headquartered in Dallas, family-owned NTA specializes in developing, marketing and underwriting supplemental insurance products, including cancer and heart. The company has strong worksite distribution capabilities with a captive sales force of approximately 220 agents nationwide. For the 12 months ended September 30, 2018, NTA premiums were approximately $130M and total core earnings were approximately $30M. Under the terms of the transaction, Horace Mann will acquire NTA for $405M. The transaction has been approved by Horace Mann's Board of Directors and is expected to close in the second quarter of 2019, pending regulatory approvals and other customary closing conditions. After close, NTA will operate as a separate Horace Mann business segment under its current leadership team. In the 12 months after closing, the transaction is expected to be $15M-$20M accretive to Horace Mann's earnings and to improve ROE by 100 basis points. The transaction can be funded with cash from the combined companies and $250M of new senior debt issued prior to closing, although Horace Mann may explore additional financing options that could optimize its liquidity position or further enhance ROE.

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RDHL

RedHill Biopharma

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-0.21 (-3.55%)

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BXRX

Baudax Bio

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BHVN

Biohaven Pharmaceutical

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1.41 (2.69%)

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BMY

Bristol-Myers

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0.455 (0.81%)

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ENR

Energizer

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1.33 (2.79%)

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AMZN

Amazon.com

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-10.51 (-0.60%)

, MSFT

Microsoft

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MSFT

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ABCB

Ameris Bancorp

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-0.4 (-0.93%)

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BWEN

Broadwind Energy

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ASTC

Astrotech

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MDGS

Medigus

$1.76

(0.00%)

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DXLG

Destination XL

$1.45

-0.02 (-1.36%)

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T

AT&T

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DXLG

Destination XL

$1.45

-0.02 (-1.36%)

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  • 22

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ANIX

Anixa Biosciences

$3.50

-0.11 (-3.05%)

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DXLG

Destination XL

$1.45

-0.02 (-1.36%)

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Earnings
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  • 22

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DXLG

Destination XL

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-0.02 (-1.36%)

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TREE

LendingTree

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  • 11

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ENR

Energizer

$49.05

1.33 (2.79%)

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NVCN

Neovasc

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COP

ConocoPhillips

$60.22

0.85 (1.43%)

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SJM

J.M. Smucker

$104.40

-1.15 (-1.09%)

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  • 22

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LHCG

LHC Group

$131.10

0.57 (0.44%)

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  • 04

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SJM

J.M. Smucker

$104.40

-1.15 (-1.09%)

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  • 22

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RMR

RMR Group

$48.26

0.02 (0.04%)

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  • 22

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NAVB

Navidea

$0.71

-0.0322 (-4.34%)

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