STAMFORD, Conn., Aug. 17, 2009 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) today announced the appointment of an employer medical stop-loss managing general underwriter (MGU) by Madison National Life Insurance Company, Inc.
Roy Thung, Chief Executive Officer, commented, "We are pleased to announce the appointment of a managing general underwriter (MGU) producing employer medical stop-loss for Madison National Life. This is a highly regarded MGU with an established block of approximately $42 million of business. As cases renew and new policies are sold, Madison National Life will serve as one of this MGU's two carriers and as the reinsurer on the entire block."
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 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, 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. AMIC is a holding company principally engaged in the insurance and reinsurance business through Independence American Insurance Company and its agencies and managing general underwriter division.
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.