RGA Reinsures $2.9 Billion Horace Mann Annuity Block

June 25, 2019 by Allison Bell

An arm of Reinsurance Group of America Inc. (RGA) has reinsured a $2.9 billion block of annuities for Horace Mann Life Insurance Company, a subsidiary of Horace Mann Educators Corp., RGA and Horace Mann announced today.

The deal will free up about $185 million in capital at Horace Mann Life.

Horace Mann Life’s parent plans to use the cash to finance part of the $405 million cost of acquiring National Teachers Associates Life Insurance Company of Dallas, Horace Mann said. National Teachers is best known as an issuer of cancer insurance and other supplemental health insurance products.

Horace Mann said it will continue to service and administer the annuities that RGA is reinsuring.

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Originally Posted at ThinkAdvisor on June 24, 2019 by Allison Bell.