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Independence Holding Company Announces Appointment of New Managing General Underwriters

Posted on: Tuesday, 8 November 2005, 15:00 CST

Independence Holding Company (NYSE: IHC) today announced the appointment of two new employer medical stop-loss managing general underwriters (MGUs) by Standard Security Life and Madison National Life.

Roy T.K. Thung, Chief Executive Officer, commented, "We are pleased to announce the appointment of two additional MGUs. As a result of our underwriting discipline in a continuing "soft" medical stop-loss market, our in-force block has declined to approximately $250 million. With the expected production from these MGUs and from the MGU appointed in June of this year, we anticipate that IHC will have approximately $310 million of annualized gross medical stop-loss premiums in 2006. In addition, we are delighted with our success in entering the first dollar health market in 2005 through various distribution channels and multiple product filings in most states. We continue to be committed to increasing the distribution of our core line of medical stop-loss, while actively expanding distribution of our first dollar health products. The full benefit of these new appointments and products will be largely realized starting in 2006."

IHC is a holding company principally engaged in the life and health insurance business and the acquisition of blocks of policies through its insurance company subsidiaries (Standard Security Life Insurance Company of New York and Madison National Life Insurance Company, Inc.), its affiliate American Independence Corp. (NASDAQ: AMIC), and its managing general underwriters, third party administrators, and marketing affiliates. Standard Security Life markets medical stop-loss, long-term and short-term disability, employer-sponsored group major medical, short-term medical, group life, dental, vision and managed health care products. Madison National Life sells group life and disability, employer medical stop-loss, employer-sponsored group major medical, short-term medical, dental, vision, credit life and disability and individual life insurance. AMIC is a holding company principally engaged in the insurance and reinsurance business through Independence American Insurance Company and its managing general underwriter division.

Some of the statements included herein may be considered to be forward looking statements which are subject to certain risks and uncertainties. Factors which could cause the actual results to differ materially from those suggested by such statements are described from time to time in IHC's filings with the Securities and Exchange Commission.

Source: Business Wire

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