Horace Mann

The cat losses are expected to add 15 points to Horace Mann’s Q1 combined ratio, compared to a pre-tax loss of $7.3mn or 4.8 points in Q1 2022.

Commercial insurers surprised with continued positive results despite economic conditions.

Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.

The carrier is seeking to combat a return to pre-pandemic claims frequency and surging claims severity.

The educator-focused carrier’s underwriting income plunged to $0.3mn from $16mn last year.

Bradley will sit on the carrier’s audit committee, and his appointment is with immediate effect.

Horace Mann reports that P&C premiums written fell by 5.2% in Q3, as new business volume remains below historical levels due to the pandemic.

Hurricane Ida will account for $20mn-$25mn of the carrier’s cat losses.

Horace Mann will adjust rates soon to deal with higher labor and materials costs.

Premiums were flat in the quarter, while Horace Mann cited rising frequency and severity of fire and non-weather claims – along with inflationary pressures – for a deterioration in property.

Horace Mann continues moves to diversify and expand business with its purchase of Madison National Life Insurance.

Wade Rugestein leaves the specialist insurer to pursue opportunities outside the industry.