The Horace Mann Employee Services acquisition has been completed, and Horace Mann Educators Corporation (NYSE: HMN) announced it has completed its previously announced acquisition of all outstanding membership interests of Employee Services, LLC (ESI) from Medical Mutual of Ohio. The second agreement is a different matter: Horace Mann’s separate transaction to acquire all outstanding capital stock of Reserve National Insurance Company remains subject to customary closing conditions and regulatory approvals.
Horace Mann Finalizes the ESI Purchase From Medical Mutual of Ohio
In its announcement, Horace Mann Educators Corporation (NYSE: HMN) announced it has completed its previously announced acquisition of all outstanding membership interests of Employee Services, LLC (ESI) from Medical Mutual of Ohio. The release names Medical Mutual of Ohio as the seller and Employee Services, LLC, referred to as ESI, as the business that Horace Mann has acquired. Medical Mutual of Ohio is the counterparty in both agreements described in the release. The ESI acquisition is complete; the second agreement is not.
The timeline began earlier. Horace Mann initially announced the ESI acquisition on July 21, 2026, as one of two separate agreements with Medical Mutual of Ohio. The completion now reported concerns the ESI acquisition, which is a different transaction from the second agreement.
The release also carries a description of the acquirer. In that description, Horace Mann Educators Corporation (NYSE: HMN) is the largest multiline financial services company focused on helping America’s educators and others who serve their communities achieve lifelong financial success.
ESI’s Counseling and Work-Life Services for Employers
The company’s release says ESI is an employee assistance program provider that helps employers support the well-being of their employees and families.
On the services themselves, the release states that ESI’s services include confidential counseling, work-life assistance and other resources designed to help people address personal and professional challenges.
The release also describes how the acquisition relates to the buyer’s existing business. The acquisition builds on Horace Mann’s educator-centric foundation and advances its strategy to expand the solutions it provides to school districts and other employers, the release states.
On the product side, ESI’s capabilities complement Horace Mann’s existing insurance and financial solutions by addressing the growing need for mental health and well-being resources, according to the release.
These descriptions of ESI and of its fit with the buyer’s business come from Horace Mann’s own announcement.
InsuraBeat has separate coverage of The Hartford’s acquisition of Equitable’s employee benefits arm.
Zuraitis and Sanders on Welcoming ESI Into Horace Mann
Two Horace Mann executives are quoted in the announcement.
“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,” said Marita Zuraitis, President and Chief Executive Officer of Horace Mann.
Zuraitis is also quoted on the company’s mission: “Our mission is centered on helping educators and others who serve their communities succeed, and that begins with understanding the full range of challenges they face.” … “These new capabilities give us another way to deliver on that mission and make a meaningful difference in people’s lives.”
“We’re pleased to welcome the ESI team to Horace Mann,” said Tyson Sanders, Senior Vice President, Supplement & Group Benefits.
Sanders is quoted on ESI’s business in the same release: “ESI has built a strong business grounded in responsive service and a deep understanding of employer and employee needs.”
The remarks of both executives accompany the announcement of the completed ESI acquisition.
Reserve National and Group Life and Disability Deal Still Awaits Closing
The second agreement with Medical Mutual of Ohio has not been completed. The release says Horace Mann’s separate transaction to acquire all outstanding capital stock of Reserve National Insurance Company and assume the economics and operations of MedMutual Life’s Group Life and Disability business through a reinsurance transaction remains subject to customary closing conditions and regulatory approvals. The second agreement combines a stock acquisition with a reinsurance transaction, according to the release.
That transaction is expected to close in the first quarter of 2027, according to the release.
The ESI acquisition has been completed, while the Reserve National and Group Life and Disability transaction has not yet closed.
InsuraBeat has separate coverage of the closing of The Doctors Company’s ProAssurance acquisition.
Law Firms and Financial Advisers Named on Both Sides
The release identifies advisers for each party.
For Horace Mann, the release names its advisers: Raymond James & Associates is acting as financial advisor to Horace Mann and Eversheds Sutherland (US) LLP is acting as legal counsel to Horace Mann.
For the seller, the release states that Squire Patton Boggs is acting as legal counsel for Medical Mutual of Ohio and Sherman & Company is acting as financial advisor.
InsuraBeat has separate coverage of US insurance agency M&A activity in the first half of the year.
