SPRINGFIELD, Ill., October 30, 2018 — Horace Mann Educators Corporation (NYSE:HMN) today announced it has entered into an agreement to buy Cherry Hill, NJ-based retirement plan administrator and recordkeeper Benefit Consultants Group (BCG), and subsidiary broker dealer and registered investment adviser, BCG Securities (BCGS). The acquisition will enhance Horace Mann’s retirement plan offerings for educators and others who serve their communities.
“BCG brings an open architecture platform that will support Horace Mann’s business-to-business market strategy of providing holistic solutions and worksite capabilities to employers,” said Horace Mann President and CEO Marita Zuraitis.
“This combination will allow us to further leverage our core competencies, while adding new capabilities to more completely address the unique needs of our customers in the retirement space,” said Horace Mann Executive Vice President Bret Benham. “Decision makers are increasingly looking for a ‘one-stop’ partner for retirement plans and more. Adding BCG’s capabilities allows us to better serve our customers.”
After the transaction closes in the first half of 2019, BCG will continue to operate under the same name and management, but with strategic direction and leadership from Benham and Mike Weckenbrock, Horace Mann Vice President, Life and Retirement.
“Horace Mann is a company with the scale and vision to take BCG to the next level,” said Beau Adams, BCG Executive Vice President. “We’re excited to join forces with an organization committed to enhancing the retirement solutions we deliver to our partners and clients.”
About Horace Mann
Horace Mann is the largest financial services company focused on providing America's educators and school employees with insurance and retirement solutions. Founded by Educators for Educators® in 1945, the company is headquartered in Springfield, Ill. For more information, visit horacemann.com.
About Benefit Consultants Group
Since 1958, Benefit Consultants Group (BCG) has been helping Americans create the peace of mind that comes with financial security. BCG provides high quality recordkeeping as well as innovative retirement and investment planning solutions to meet their clients’ needs. For more information, visit bcgbenefits.com.
Safe Harbor Statement
Statements included in this news release that are not historical in nature are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties. Horace Mann is not under any obligation to (and expressly disclaims any such obligation to) update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to the company's Quarterly Report on Form 10-Q for the period ended June 30, 2018 and the company's past and future filings and reports filed with the Securities and Exchange Commission for information concerning the important factors that could cause actual results to differ materially from those in forward-looking statements.
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