Fitch affirms Horace Mann

Fitch Ratings said it has affirmed the BBB+ issuer default rating and BBB senior debt ratings of Horace Mann Educators Corp.

Additionally, Fitch said it has affirmed the A insurer financial strength ratings on the company's five insurance subsidiaries.

The outlook is stable.

Fitch said the ratings reflect the solid risk-based capitalization of its insurance subsidiaries, high quality, liquid investment portfolios and well-defined niche in the educators market.

Offsetting these positives, Fitch said it remains concerned about Horace Mann's catastrophe risk management and earnings volatility, derived in part from the company's high operating leverage and property exposure in catastrophe-prone states.

The following ratings have been affirmed: Horace Mann Educators Corp.'s IDR at BBB+, $125 million 6.85% senior debt due April 18, 2016 at BBB, senior convertible debt due 2032 at BBB and $75 million 6.05% senior debt due June 15, 2015 at BBB.

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