AM Best Places Credit Ratings of Reserve National Insurance Company Under Review With Developing Implications

JULY 30, 2026 03:55 PM (EDT)

AM Best Places Credit Ratings of Reserve National Insurance Company Under Review With Developing Implications

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FOR IMMEDIATE RELEASE

OLDWICK - JULY 30, 2026 03:55 PM (EDT)
AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Reserve National Insurance Company (RNIC) (Chicago, IL).

The Credit Ratings (ratings) reflect RNIC's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. RNIC's balance sheet strength is supported by the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). In addition, the company's operating performance continues to be profitable, as evidenced by positive net earnings in each of the past five years. The placement of under review with developing implications reflects the pending acquisition of RNIC by Horace Mann Educators Corporation that was announced on July 21, 2026. The acquisition is expected to close in the first quarter of 2027 pending customary closing conditions and regulatory approvals. The ratings are expected to remain under review with developing implications until the transaction has closed and AM Best is able to fully evaluate RNIC's financial position and strategic importance within its new ownership structure.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.