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STAMFORD, Conn., Mar 01, 2006 (BUSINESS WIRE) -- Independence Holding Company (NYSE: IHC) today announced that it has appointed Jeffrey Smedsrud as Chief Strategic Development Officer and Larry Graber as Senior Vice President - Life & Annuities of IHC.
Smedsrud, 47, has more than 20 years of marketing and strategic business development experience, particularly in growing distribution outlets, lead generation and product development. Smedsrud is the Chief Executive Officer of CA Marketing & Management, LLC ("CAM"), which distributes individual and small group plans through a dedicated field force of approximately 500 agents in rural communities in the upper Midwest. Formed in 1999, CAM was an early adapter of Consumer Driven Health Plans (CDHPs), and approximately 80% of its $40 million of annual premiums is derived from CDHPs. Less than 10% of CAM's business is currently insured by Standard Security Life and Madison National Life, although a significant portion is administered by Insurers Administrative Corporation, which was recently acquired by IHC. Prior to founding CAM, Smedsrud was a managing partner of a provider of health insurance leads, sales support, and direct marketing services, which was sold in 1998 to UICI (NYSE: UCI). Smedsrud has also developed successful direct-to-consumer marketing campaigns for life and health companies. IHC also announced that it has acquired from Smedsrud 100% of his interest in Community America Insurance Services, Inc. (formerly known as CA Insurance Services LLC), which is a health insurance marketing organization in which IHC previously had a minority interest. Smedsrud will remain as the Chief Executive Officer of CAIS.
Smedsrud, 47, has more than 20 years of marketing and strategic business development experience, particularly in growing distribution outlets, lead generation and product development. Smedsrud is the Chief Executive Officer of CA Marketing & Management, LLC ("CAM"), which distributes individual and small group plans through a dedicated field force of approximately 500 agents in rural communities in the upper Midwest. Formed in 1999, CAM was an early adapter of Consumer Driven Health Plans (CDHPs), and approximately 80% of its $40 million of annual premiums is derived from CDHPs. Less than 10% of CAM's business is currently insured by Standard Security Life and Madison National Life, although a significant portion is administered by Insurers Administrative Corporation, which was recently acquired by IHC. Prior to founding CAM, Smedsrud was a managing partner of a provider of health insurance leads, sales support, and direct marketing services, which was sold in 1998 to UICI (NYSE: UCI). Smedsrud has also developed successful direct-to-consumer marketing campaigns for life and health companies. IHC also announced that it has acquired from Smedsrud 100% of his interest in Community America Insurance Services, Inc. (formerly known as CA Insurance Services LLC), which is a health insurance marketing organization in which IHC previously had a minority interest. Smedsrud will remain as the Chief Executive Officer of CAIS.
Graber, 56, will continue to serve as President of Madison National Life, a title he has held since 1996. He will also remain a director of IHC, a position he has held since 2000. Graber, an Associate in the Society of Actuaries, is the head of IHC's division specializing in the acquisition of life and annuity blocks of business, which has acquired over $425 million of life and annuity reserves since 1999.
Roy Thung, Chief Executive Officer of IHC, commented, "We are delighted to have Jeff and Larry join our senior management team. Jeff has built several successful fully-insured distribution companies, and is an innovator in bringing CDHPs to individuals and small employer groups. Larry is recognized as one of the leading authorities on life and annuity block acquisitions in the country, and we have benefited from his leadership of Madison National Life for the last 10 years. Jeff and Larry will work closely with David Kettig and Scott Wood, our new co-chief operating officers, to further expand the IHC brand of life and health products."
Roy Thung, Chief Executive Officer of IHC, commented, "We are delighted to have Jeff and Larry join our senior management team. Jeff has built several successful fully-insured distribution companies, and is an innovator in bringing CDHPs to individuals and small employer groups. Larry is recognized as one of the leading authorities on life and annuity block acquisitions in the country, and we have benefited from his leadership of Madison National Life for the last 10 years. Jeff and Larry will work closely with David Kettig and Scott Wood, our new co-chief operating officers, to further expand the IHC brand of life and health products."
Jeff Smedsrud commented, "IHC has the right leadership, imagination, and technical and financial strength to be a growing and profitable player in the fast emerging CDHP marketplace. I look forward to helping build value, affinity and premium with our 50,000 sales agent partners."
"IHC has embarked on a dynamic growth strategy in fully-insured medical to complement our core franchise. It is an honor to be named to IHC's senior management team," said Larry Graber.
"IHC has embarked on a dynamic growth strategy in fully-insured medical to complement our core franchise. It is an honor to be named to IHC's senior management team," said Larry Graber.
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, long-term and short-term disability, employer-sponsored group major medical, short-term medical, group life, dental, vision and managed health care products. Madison 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.
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 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.