One of St. Louis’ largest companies inks $2.9B deal

July 9, 2019 by Greg Edwards

Reinsurance Group of America Inc. (NYSE: RGA) has reinsured $2.9 billion in annuities for Horace Mann Life Insurance Co., based in Springfield, Illinois. The transaction closed Monday and will take effect April 1, 2019.

Horace Mann is a subsidiary of Horace Mann Educators Corp. (NYSE: HMN), the largest provider of insurance and retirement services for U.S. educators and school employees.The deal will free up about $185 million in capital at Horace Mann Life, which plans to use the money to finance part of the $405 million cost of acquiring National Teachers Associates Life Insurance Co. of Dallas, Horace Mann said.

Click HERE to read the full story via St. Louis Business Journal. 

Originally Posted at St. Louis Business Journal on Jun 26, 2019 by Greg Edwards.