Horace Mann agrees to buy Medical Mutual’s Employee Services and Reserve National for about $240 million
HMN•Horace Mann to acquire Employee Services and Reserve National
Horace Mann agreed to buy employee assistance provider Employee Services, LLC from Medical Mutual of Ohio.
A separate deal covers Reserve National Insurance Company, an individual supplemental platform, with MedMutual retaining the legal insurance entity.
Horace Mann will also reinsure MedMutual Life Insurance Company’s group life and disability business.
The combined transactions carry a total net purchase price of about $240 million, funded with excess capital and revolver borrowings.
The businesses add nearly $200 million in annual revenue and cover over 1 million lives across about 7,000 employers. ESI is expected to close in Q4 2026, with the rest closing in Q1 2027.
