STAMFORD, Conn., July 26, 2011 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) today announced that IHC Risk Solutions has named Michael A. Kemp FSA, FCA, MAAA as Executive Vice President – Underwriting and has retained Salus Strategy Group to drive sales results for IHC's medical stop-loss business.
In his new role, Kemp will be responsible for pricing IHC's specific and aggregate medical stop-loss business and overseeing a team of 18 underwriters at IHC Risk Solutions. He will retain his ownership of ReAct Consulting International, Inc. and will continue to provide consulting services to its clients.
Salus Strategy Group, which is led by Ron Vance, formerly President of Emerging Markets at CIGNA, provides strategic decision support, growth strategies, and expense management solutions for health care payers and insurers. Salus will assist in increasing medical stop-loss sales and expanding IHC's relationship with CIGNA.
IHC Risk Solutions is a full-service, direct writer of medical stop-loss insurance for self-insured employer groups. This subsidiary was formed earlier this year by the strategic consolidation of IHC's managing general underwriters (Alliance Underwriters, Independence Insurance Group, Majestic Underwriters, Marlton Risk Group, and Risk Assessment Strategies) in order to deliver cost-effective, innovative risk solutions to the self-insured market on a direct basis.
David Kettig, Chief Operating Officer of IHC and President of IHC Risk Solutions, commented, "We are delighted that Mike and Ron have agreed to help lead our growth strategy at IHC Risk Solutions. Through ReAct, Mike has been intimately involved in our medical stop-loss pricing for many years, and we have all come to value his underwriting expertise as well. While at CIGNA, Ron led his division to deliver significant double-digit revenue and earnings growth, and we are optimistic that he can help us to achieve similar results. Federal healthcare reform is giving rise to many opportunities in the self-funded arena with smaller employers, accountable care organizations and others. The IHC Group has a long history of providing stop-loss solutions to these markets and, augmented by the expertise of Mike and Ron, we will continue to develop innovative solutions and increase our market share while maintaining profitability."
About Independence Holding Company
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, Madison National Life Insurance Company, Inc. and Independence American Insurance Company) and its managing general underwriters, third-party administrators, and marketing affiliates. Standard Security Life markets medical stop-loss, small group major medical, short-term medical, major medical for individuals and families, limited medical, group long and short-term disability and life, dental, vision and managed health care products. Madison Life sells group life and disability, employer medical stop-loss, small group major medical, major medical for individuals and families, short-term medical, dental, vision, and individual life insurance. Independence American offers medical stop-loss, small group major medical, short-term medical, and major medical for individuals and families. IHC owns certain subsidiaries through its majority ownership of American Independence Corp. (Nasdaq:AMIC), which is a holding company principally engaged in the insurance and reinsurance business.
Certain statements in this news release may be considered forward-looking statements, such as statements relating to management's views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the markets in which IHC operates, new federal or state governmental regulation, IHC's ability to effectively operate, integrate and leverage any past or future strategic acquisition, and other factors which can be found in IHC's other news releases and filings with the Securities and Exchange Commission.