A.M. Best Company Affirms Group Rating of "A-" (Excellent) of All Carriers in The IHC Group
STAMFORD, Conn., Dec 18, 2009 (GlobeNewswire via COMTEX) -- Independence Holding Company (NYSE:IHC) today announced that A.M. Best Company affirmed the financial strength rating of "A-" (Excellent) for each of Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company.
Roy Thung, Chief Executive Officer of The IHC Group, commented, "We are pleased that A.M. Best has affirmed our group rating of 'A-' (Excellent). In doing so, A.M. Best has recognized our improved operating earnings and the expansion of our fully insured products, including individual and small group major medical, dental and vision, primarily through controlled distribution. Mr. Thung continued, "Our statutory capital is at its highest level ever; our fixed-maturity portfolio continues to be rated, on average, 'AA,' and our stockholders' equity of $221 million as of September 30, 2009 is almost the same as it was on December 31, 2007, before the world economic crisis. We are confident that our improved operating results will continue in 2010."
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 and information contained in this press 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 we operate, new federal or state governmental regulation, our ability effectively to operate, integrate and leverage any past or future strategic acquisition, and other factors which can be found in our news releases and filings with the Securities and Exchange Commission.
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SOURCE: Independence Holding Company
CONTACT: Independence Holding Company David T. Kettig (212) 355-4141 www.ihcgroup.com