Interesting release ...
This seems like an interesting time for HMN to align itself with Orion Capital ... in the context of HMN shopping the company ... so, you are a big, British company interested in gaining a foothold in the US market ... maybe you would buy a non-standard writer ... and then a standard writer ... Hmmmm ...
--Duker
Monday September 20, 1:49 pm Eastern Time
Horace Mann to offer nonstandard auto insurance
SPRINGFIELD, Ill., Sept 20 (Reuters) - Horace Mann Educators Corp. (NYSE:HMN - news) said Monday it would offer nonstandard auto insurance in four states with plans to expand to 35 states by the end of the year.
The insurance company said it would offer the coverage in cooperation with specialty insurer OrionAuto initially in Colorado, Indiana, Iowa and Ohio on a pilot basis.
``By adding this specialty coverage to our full line of personal insurance products, Horace Mann's agents will now be able to offer an automobile insurance quote to any educator,' Horace Mann Chairman, President and Chief Executive Paul Kardos said in a statement.
He said OrionAuto has tailored its six-month term nonstandard auto product with specific limits to meet the needs of its market, which includes teachers.
Horace Mann sells retirement annuities as well as standard auto, home and life insurance through more than 1,000 agents and through alliances with teachers' credit unions.
OrionAuto, which operates through independent insurance agents in 35 states, writes nonstandard private passenger automobile insurance. The company is wholly owned by Orion Capital Corp. (NYSE:OC - news).
Horace Mann shares were off 1/16 at 30 Monday morning on the New York Stock Exchange.
Friday September 10, 6:27 pm Eastern Time
Royal & Sun has 53.5 pct of Orion Capital shares
NEW YORK, Sept. 10 (Reuters) - Britain's Royal & Sun Alliance Insurance Group Plc said Friday that 16 million shares, or 53.5 percent, had been tendered under its offer to buy all outstanding shares of specialty insurer Orion Capital Corp. (NYSE:OC - news).
Royal & Sun said it had extended the $1.4 billion offer to Oct. 1 from Sept. 10 in order to permit the companies to obtain regulatory approvals.
Royal & Sun has made initial filings with the applicable insurance regulatory authorities. The company said it is on the process of scheduling hearings required for approval in Oklahoma, South Carolina and Connecticut.
The $50 a share offer for Farmington, Conn.-based Orion is expected to be completed in the fourth quarter of 1999, Royal & Sun said. |
