Horace Mann Insurance Company
Horace Mann Insurance Company
1 Horace Mann Plaza
Springfield, IL 62715
Horace Mann is a person who believed that every child should receive basic education. He is considered the father of American public education. He worked hard in giving opportunities to millions of children. With him as a model, two Springfield, Illinois teachers founded the Horace Mann Insurance Company that would provide affordable and quality auto insurance for their fellow teachers 60 years ago.
The company was founded on March 15, 1945. Its objective was to provide affordable auto coverage to the members of Illinois Education Association. Originally named Illinois Education Association Mutual Insurance Company, it was later renamed Horace Mann in honor of the father of the American public education. The name symbolizes the company’s commitment to the welfare of teachers.
By 1947, Horace Mann expanded and offered its auto insurance to other states. And in 1949, Horace Mann Life Insurance company was established to provided a full range of life insurance products not only for educators but also to their families.
In 1989, Horace Mann was acquired by CIGNA and in 1994, Horace Mann acquired Allegiance Insurance Company. Today, it is the largest national multiline that serves America’s educators and their families. The company now have plans for automobile, homeowner, group and life insurance, and retirement annuities to educators and their families through its wide range of tailored insurance and financial products.
Horace Mann is a financially stable and strong company, with over $5 billion in assets. The company has received very good reviews from different ratings companies. It has received an A rating from A.M. Best Company, A from Standard and Poor’s, A- from Fitch Ratings, and an A3 from Moody’s Investor Service. It has also part of the annuity market and has a total deposit of $1.8 billion.
The company is managed by president and chief operating officer Peter Heckman, executive vice president and chief financial officer Dwayne Hallman, executive vice president for property and casualty Thomas Wilkinson, and chief marketing officer Stephen Cardinal. Its headquarter is located in Springfield, Illinois. There are 1,073 employees working in its main office and 1,253 working in the field.
For more than 60 years, Horace Mann has been dedicated to providing retirement plans of the country’s school employees. Today, the company serves more than 5,000 school systems nationwide with its auto, home, life, long-term care, disability insurance, and retirement annuities. It has more than 1,100 licensed agents across the United States selling these products.
When it comes to annuities, Horace Mann is among the first companies to offer the 403(b) annuity to educators. Today, there are more than 100,000 public school teachers in U.S. that have 403(b) annuity with Horace Mann. Aside from this plan, Horace Mann also offers Roth IRAs and 457(b) annuity.
For its auto insurance programs, Horace Mann is now the provider for more than 220,000 educators across the country. For its life insurance, it offers four types which include term with discounted rates for educators, whole discounted rates for educators, universal which is issued by Lincoln Financial Group and Ameritas Life Insurance Corporation, and Variable Universal which is issued by Ameritas Life Insurance Corporation.
After 60 years of growth, Horace Mann remains true to its commitment of serving the financial and insurance needs of the very people that it started to serve––the educators of the country.