Illinois company acquires Madison National Life

Horace Mann Educators Corp., a Springfield, Illinois-based provider of insurance and retirement products to educators and school employees, will acquire Madison National Life for $172.5 million, according to a release from Horace Mann. The acquisition will expand the company’s education reach and add a new suite of employer-sponsored benefit products. The transaction is expected to close early in the first quarter of 2022, subject to  regulatory approval and other closing conditions.