Horace Mann to Buy Employee Services, LLC Membership Interests
The multiline insurer said the employee assistance provider will complement existing insurance and financial solutions for school districts and other employers.
Horace Mann Educators Corporation (HMN) agreed to acquire Employee Services, LLC, an employee assistance program provider, through the purchase of ESI membership interests.
The Springfield, Illinois-based multiline financial services company said the deal expands how it helps school districts and other employers support employee well-being by adding an EAP provider whose capabilities complement existing insurance and financial solutions.
President and Chief Executive Officer Marita Zuraitis said the addition of ESI represents an important step in expanding how Horace Mann serves school districts and other employers, as well as the people who work for them.
The company described itself as the largest multiline financial services company focused on helping America’s educators and others who serve the community achieve lifelong financial success, offering individual and group insurance and financial solutions tailored to the educator community.
The ESI purchase was one of two separate agreements announced with Medical Mutual of Ohio. Horace Mann also agreed to acquire an individual supplemental platform through the purchase of all outstanding capital stock of Reserve National Insurance Company and to reinsure MedMutual Life Insurance Company’s group life and disability business, with Medical Mutual of Ohio retaining the legal insurance entity.
Together, the two established businesses were said to add nearly $200 million in annual revenue, serve more than one million covered lives across approximately 7,000 employer relationships, and add over 1,000 agents and brokers.
Horace Mann said the transactions are expected to be immediately accretive to core earnings per share and shareholder return on equity by strengthening the earnings profile through a combination of high-margin insurance businesses, recurring fee-based revenue and enhanced capital efficiency.
Zuraitis said the businesses build on the company’s long-term strategy by enhancing its employer value proposition, broadening distribution capabilities and expanding customer relationships, creating more opportunities to serve educators and employers with a broader portfolio of solutions.
The acquisition of RNIC and the reinsurance business of MedMutual Life Insurance Company is subject to regulatory approvals.
Raymond James & Associates is acting as financial advisor to Horace Mann, with Eversheds Sutherland (US) LLP as legal counsel. Squire Patton Boggs is acting as legal counsel for Medical Mutual of Ohio and Sherman & Company as financial advisor.
Horace Mann hosted a conference call to discuss the transactions on July 22, 2026.