Divestiture • Insurance

Horace Mann Educators Acquires Madison National Life Insurance

On July 14, 2021, Horace Mann Educators acquired insurance company Madison National Life Insurance from The IHC Group for 173M USD

Acquisition Context
  • This is Horace Mann Educators’ 3rd transaction in the Insurance sector.
  • This is Horace Mann Educators’ 2nd largest (disclosed) transaction.
  • This is Horace Mann Educators’ 3rd transaction in the United States.
  • This is Horace Mann Educators’ 1st transaction in Wisconsin.

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M&A Deal Summary

Date July 14, 2021
Target Madison National Life Insurance
Sector Insurance
Buyer(s) Horace Mann Educators
Sellers(s) The IHC Group
Deal Type Divestiture
Deal Value 173M USD

Target Company

Madison National Life Insurance

Madison, Wisconsin, United States
Madison National Life Insurance offers short- and long-term group disability, group life, and other products, with K-12 school districts representing 80% of 2020 premiums. Madison National Life Insurance was founded in 1961 and is based in Madison, Wisconsin.
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Buyer Overview 1

Buyer

Horace Mann Educators

Springfield, Illinois, United States

Category Company
Founded 1945
Sector Insurance
Employees1,750
Revenue 1.6B USD (2024)
DESCRIPTION
Horace Mann's headquarters in Springfield, Illinois.
Horace Mann's headquarters in Springfield, Illinois.

Horace Mann Educators is a national multiline insurance company focusing on educator's financial needs. Horace Mann Educators was founded in 1945 and is based in Springfield, Illinois.


Deal Context for Buyer #
Overall 3 of 3
Sector: Insurance 3 of 3
Type: Divestiture 1 of 1
State: Wisconsin 1 of 1
Country: United States 3 of 3
Year: 2021 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-10 National Teachers Associates Life Insurance Co.

Addison, Texas, United States

National Teachers Associates Life Insurance Co. is a provider of supplemental insurance products to the education market with nearly 50 years of experience. NTA specializes in developing, marketing and underwriting supplemental insurance products, including cancer and heart.

Buy $405M

Seller Profile 1

SELLER

The IHC Group

Stamford, Connecticut, United States

Category Company
Founded 1980
Sector Insurance
Employees550
Revenue 444M USD (2020)
DESCRIPTION

The IHC Group is a provider of life and health insurance business products that sell products nationally through multiple channels, including digital, call center, and advisors, all of which utilize our CMS-approved Web Broker. The IHC Group was founded in 1980 and is based in Stamford, Connecticut.


Deal Context for Seller #
Overall 3 of 3
Sector: Insurance 3 of 3
Type: Divestiture 3 of 3
State: Wisconsin 1 of 1
Country: United States 3 of 3
Year: 2021 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-15 Standard Security Life

New York, New York, United States

Standard Security Life is a provider of New York DBL and statutory paid family leave (PFL) insurance. With $122 million in gross written premium in 2020. Standard Security Life was founded in 1957 and is based in New York City.

Sell -