Moody's upgrades Horace Mann

Moody's Investors Service said it upgraded the senior debt rating of Horace Mann Educators Corp. to Baa2 from Baa3.

The upgrade reflects the group's solid market share in providing insurance products to teachers and school administrators, strong risk-adjusted capitalization, low financial leverage and strong coverage metrics, Moody's said.

The outlook is stable.

The upgrade also considers the group's strong niche position serving the educator community, very good balance sheet strength, high quality investment portfolio and sound loss reserves, Moody's said.

Tempering these strengths are the group's significant gross exposure to catastrophe losses, slow growth in auto, relatively weak performance in personal auto and limited size relative to larger competitors, the agency said.

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