HORACE MANN EDUCATORS CORPORATION (NYSE:HMN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01:
Entry into a Material Definitive Agreement
HORACE MANN EDUCATORS CORPORATION (NYSE:HMN) Files An 8-K Entry into a Material Definitive Agreement
On October 30, 2018, Horace Mann Educators Corporation, a Delaware corporation (the "Company"), announced that it entered into a Stock Purchase Agreement (the "Agreement"), by and among the Company and Robert Paglione, Paglione Family Irrevocable Trust f/b/o Adam Paglione, Paglione Family Irrevocable Trust f/b/o Lisa and Jorge Arroyo, Beau Adams and Benefit Consultants Group, Inc. (“BCG”). The Agreement provides, among other things, that, upon the terms and subject to the conditions set forth in the Agreement, the Company will acquire all of the outstanding capital stock of BCG (the "Acquisition") for $25 million. The Agreement and the consummation of the transactions contemplated by the Agreement have been approved by the Company’s Board of Directors. The closing of the Acquisition is expected to occur during the first half of 2019, subject to the satisfaction or waiver of applicable closing conditions as well as approval by the certain regulators, including the Financial Industry Regulatory Authority.
About HORACE MANN EDUCATORS CORPORATION (NYSE:HMN)
Horace Mann Educators Corporation (HMEC) is an insurance holding company. Through its subsidiaries, HMEC markets and underwrites personal lines of property and casualty (primarily personal lines automobile and homeowners) insurance, retirement annuities (primarily tax-qualified products) and life insurance in the United States. The Company’s operating segments include Property and Casualty, Annuity, Life, and corporate and other. The Property and Casualty Segment offers private passenger automobile insurance. The Annuity Segment markets both fixed and variable annuity contracts, primarily on a tax-qualified basis. The Life Segment offers traditional term and whole life insurance products. The Company also markets its products primarily to K-12 teachers, administrators and other employees of public schools and their families. It markets and services its products through a sales force of full-time agents supported by the Company’s Customer Contact Center.
