STAMFORD, Conn.--(BUSINESS WIRE)--June 20, 2005--Independence Holding Company (NYSE: IHC) today announced that A.M. Best Company has affirmed Madison National Life's rating of A- (Excellent) and Standard Security Life's A (Excellent) rating. IHC's affiliate, Independence American Insurance Company, received an upgrade to B++ (Very Good). All three companies have stable outlooks.
Roy T.K. Thung, Chief Executive Officer, commented, "We are gratified that A.M. Best has affirmed the ratings of Madison National Life and Standard Security Life, in each case acknowledging each Company's 'strong positive statutory operating results.' A.M. Best also commented on Madison National Life's 'evolving business profile due to a series of block of business acquisitions and an enhanced product portfolio,' and Standard Security Life's 'favorable competitive market position in the medical stop-loss segment.' We are also pleased that Independence American has been upgraded to B++, which we believe reflects favorably on our entire insurance group and should facilitate Independence American writing business on its own paper."
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 and managed health care products. Madison Life sells group life and disability, employer medical stop-loss, employer-sponsored group major medical, 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.
CONTACT: Independence Holding Company Teresa A. Herbert, 203-358-8000 www.Independenceholding.com
