Horace Mann (HMN, Financial), an insurance provider to teachers and educators, 2021 earnings were negativelyimpacted by above-average catastrophic losses. The insurer targets K-12 educators and administrators and holds a strong position in that niche. In 2021, the company acquired Madison National Life, which provides group life and disability products. We think the acquisition will create value as the company expands its product offering to its key market.
From Steven Scruggs (Trades, Portfolio)' FPA Queens Road Small Cap Value Fund fourth-quarter 2021 commentary.
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