Horace Mann acquires Madison National Life for $172.5M to expand educator benefits

HORACE MANN EDUCATORS CORP /DE/

Purchase price $172.5M; potential earnout up to $12.5M if 2023 targets met.
Expected to close early Q1 2022, subject to regulatory approvals.
Expects mid-single-digit EPS accretion and ~50 bps ROE contribution post-close.
Madison National had ~$108M net premiums and ~$14M statutory earnings in 2020.
Credit facility expanded to $325M to fund acquisition; leverage expected below 25%.

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