Horace Mann to acquire Benefit Consultants Group to expand strategic capabilities in retirement market
SPRINGFIELD, Ill., October 30, 2018 — Horace Mann Educators Corporation (NYSE:HMN) today announced it has entered into an agreement to buy Cherry Hill, NJ-based retirement plan administrator and recordkeeper Benefit Consultants Group (BCG), and subsidiary broker dealer and registered investment adviser, BCG Securities (BCGS). The acquisition will enhance Horace Mann’s retirement plan offerings for educators and others who serve their communities.
“BCG brings an open architecture platform that will support Horace Mann’s business-to-business market strategy of providing holistic solutions and worksite capabilities to employers,” said Horace Mann President and CEO Marita Zuraitis.
“This combination will allow us to further leverage our core competencies, while adding new capabilities to more completely address the unique needs of our customers in the retirement space,” said Horace Mann Executive Vice President Bret Benham. “Decision makers are increasingly looking for a ‘one-stop’ partner for retirement plans and more. Adding BCG’s capabilities allows us to better serve our customers.”
After the transaction closes in the first half of 2019, BCG will continue to operate under the same name and management, but with strategic direction and leadership from Benham and Mike Weckenbrock, Horace Mann Vice President, Life and Retirement.
“Horace Mann is a company with the scale and vision to take BCG to the next level,” said Beau Adams, BCG Executive Vice President. “We’re excited to join forces with an organization committed to enhancing the retirement solutions we deliver to our partners and clients.”
“BCG brings an open architecture platform that will support Horace Mann’s business-to-business market strategy of providing holistic solutions and worksite capabilities to employers,” said Horace Mann President and CEO Marita Zuraitis.
“This combination will allow us to further leverage our core competencies, while adding new capabilities to more completely address the unique needs of our customers in the retirement space,” said Horace Mann Executive Vice President Bret Benham. “Decision makers are increasingly looking for a ‘one-stop’ partner for retirement plans and more. Adding BCG’s capabilities allows us to better serve our customers.”
After the transaction closes in the first half of 2019, BCG will continue to operate under the same name and management, but with strategic direction and leadership from Benham and Mike Weckenbrock, Horace Mann Vice President, Life and Retirement.
“Horace Mann is a company with the scale and vision to take BCG to the next level,” said Beau Adams, BCG Executive Vice President. “We’re excited to join forces with an organization committed to enhancing the retirement solutions we deliver to our partners and clients.”
About Horace Mann
Horace Mann Educators Corporation is the largest financial services company focused on helping America's educators and others who serve the community achieve lifelong financial success. The company offers individual and group insurance and financial solutions tailored to the needs of the educator community. Founded by Educators for Educators® in 1945, the company is headquartered in Springfield, Illinois.