Cigna Corp. said it will sell its...

Cigna Corp. said it will sell its Horace Mann insurance company for about $500 million to HME Holdings Inc., a new corporation formed and financed by leveraged buyout specialists Gibbons, Green, van Amerogen and Horace Mann’s own senior management. Philadelphia-based Cigna, an insurer and financial services company, put Horace Mann on the block a year ago. “The sale of Horace Mann is a further step in an effort to better focus our strategic emphasis on commercially oriented insurance and investment products,” Cigna said. Mann sells life, auto and homeowners insurance. The deal is subject to regulatory approval.