Horace Mann Educators Corporation, together with its subsidiaries, operates as an insurance holding company in the United States. It operates through Property & Casualty, Life & Retirement, and Supplemental & Group Benefits segments. The Property & Casualty segment offers insurance products, including private passenger auto insurance, residential home insurance, and personal umbrella insurance; standard auto coverage including liability, collision, and …
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Competitive advantage assessment
Key strengths
Strong Premium Pricing MarginsPremium margin signal is strong (score 1.00), with operating margin at 80.7% vs peers — indicating pricing authority.
Top-Quartile Underwriting MarginsGross margin at 104.7% (top 0%) and operating margin at 80.7% (top 0%) reflect strong underwriting discipline.
Key risks
Volatile Underwriting ResultsUnderwriting stability is low (score 0.11), indicating significant exposure to loss cycle or catastrophe volatility.
Below-Peer Float ReturnsFloat return signal is weak (score 0.26), indicating below-peer investment yields limiting overall profitability.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Where HMN ranks in Insurance - Property & Casualty
Horace Mann Educators Corporati ranks #8 of 44
scored companies in Insurance - Property & Casualty by moat score — the top 18%.
The widest moat in the group is Palomar Holdings, Inc. (PLMR)
at 76/100.
Moat scores for companies ranked near HMN in Insurance - Property & Casualty
How HMN scores on the Insurance & Reinsurance defenses
Underwriting Discipline
Score 60
· 25% of the moat score
Underwriting discipline is the core insurance moat, and it consists mostly of the willingness to lose business.
Float Investment Quality
Score 52
· 20% of the moat score
Float is the money an insurer holds between collecting premiums and paying claims — capital it invests but does not own.
Pricing Power
Score 89
· 18% of the moat score
For an insurer, pricing power is the ability to push rate ahead of claims inflation and keep the policyholders anyway.
Capital Strength & Solvency
Score 47
· 17% of the moat score
Capital is what lets an insurer credibly promise to pay a claim that has not happened yet, and it is scrutinised by regulators and rating agencies alike.
Operational Efficiency
Score 95
· 12% of the moat score
The expense ratio — what it costs to acquire and administer a policy — is the half of the combined ratio management fully controls.
Scale & Diversification
Score 49
· 8% of the moat score
Diversification is a real economic advantage in insurance rather than a portfolio preference: risks spread across perils, geographies and lines are less likely to arrive at once, so the same capital supports more premium.
What is Horace Mann Educators Corporati's moat score?
Horace Mann Educators Corporati (HMN) scores 65 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #8 of 44 scored companies in Insurance - Property & Casualty, the top 18%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 45 companies in Insurance - Property & Casualty. Its strongest defense is Operational Efficiency (95/100) and its weakest is Capital Strength & Solvency (47/100).
How does Horace Mann Educators Corporati compare with other Insurance - Property & Casualty companies?
Horace Mann Educators Corporati ranks #8 of 44 scored companies in Insurance - Property & Casualty by moat score. The widest moat in Insurance - Property & Casualty is Palomar Holdings, Inc. (PLMR) at 76/100. The companies ranked closest are White Mountains Insurance Group (WTM) at 65 just above it and HCI Group, Inc. (HCI) at 64 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Insurance & Reinsurance in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 45 companies in Insurance - Property & Casualty. The defenses are then weighted to produce the overall score out of 100.
Why is Horace Mann Educators Corporati scored with the Insurance & Reinsurance template?
An insurer is paid before it knows what its product cost, and invests the money in the meantime. Profit therefore comes from two sources that must both work: pricing risk better than rivals, and earning a return on the float those premiums create. The Insurance template scores that pair, along with the capital that lets a company survive the year in which the losses arrive together.
Which competitive defenses are measured for Horace Mann Educators Corporati?
The Insurance & Reinsurance template measures 6 defenses, and HMN scores: Underwriting Discipline (60), Float Investment Quality (52), Pricing Power (89), Capital Strength & Solvency (47), Operational Efficiency (95), Scale & Diversification (49). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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