The IHC Group’s Carriers Receive “A- (Excellent)” Group Rating from A.M. Best Company and IHC Announces Expansion of Sp...
15 Abril 2016 - 9:51AM
Strategy to Grow Specialty Heath and Other
Products via a Number of Focused Investments
Independence Holding Company (NYSE:IHC) today announced that A.M.
Best Company has affirmed the financial strength rating of “A-
(Excellent)” for each of IHC carriers, Standard Security Life
Insurance Company of New York, Madison National Life Insurance
Company, Inc. and Independence American Insurance Company after the
sale of IHC Risk Solutions and the employer medical stop-loss
business produced by it.
Roy T.K. Thung, CEO of Independence Holding Company, commented:
“We are pleased that A.M. Best affirmed our “A- (Excellent)” group
rating. While stop-loss was our largest line of business, it was
also capital intensive and potentially subject to market cycles and
regulatory pressures. We are now focused on growing our
remaining lines of business: group long term disability and life,
statutory disability benefit policies (DBL) in New York, pet, group
and individual specialty health (short term medical, dental,
vision, supplemental gap and scheduled benefit plans) and
non-subscriber occupational accident. We realized a
significant capital gain and substantial cash from the sale (the
pro forma increase in stockholders’ equity is approximately $100
million) and by the end of 2016, after the stop-loss business has
run off, we will have significant excess statutory surplus in our
insurance companies, which together provides us with a high degree
of liquidity. We have set aside portions of our cash to
accelerate the growth of our specialty health lines of business and
to expand our other lines of business through targeted investments
and acquisitions. Our specialty health lines of business, in
particular, have significantly higher margins, are less capital
intensive and are less prone to swings in underwriting results than
stop-loss.”
David T. Kettig, President and CEO of IHC Specialty Benefits,
stated, “IHC Specialty Benefits is a diverse sales and marketing
company with almost $100 million of premiums produced for IHC’s
carriers, ACA insurers and small group stop loss. We have our
own call center and career agents, shopping-cart environments for
agents to easily quote multiple insurance products, Health e Deals,
an award-winning quoting and enrollment platform, and Aspira A Mas,
a recently launched marketing division dedicated to serving
under-insured Latino communities. Specialty Benefits recently
signed several letters of intent to invest in agencies/technology
companies that can drive significant specialty health premiums to
IHC paper, and we are actively seeking to make investments in
companies that will accelerate the growth of specialty health
premiums as well as enhancing our position as a leader in
delivering technology-driven platforms for consumers and insurance
producers alike.”
About The IHC Group Independence Holding
Company (NYSE:IHC) is a holding company that is principally engaged
in underwriting, administering and/or distributing group and
individual disability, specialty and supplemental health, pet, and
life insurance through its subsidiaries since 1980. The IHC
Group (including through its 92% ownership of American Independence
Corp. (NASDAQ:AMIC)) owns three insurance companies (Standard
Security Life Insurance Company of New York, Madison National Life
Insurance Company, Inc. and Independence American Insurance
Company), a majority of Ebix Health Administration Exchange, Inc.,
a fully insured third party administrator, and IHC Specialty
Benefits, Inc., which is a technology-driven insurance sales and
marketing company that creates value for insurance producers,
carriers and consumers (both individuals and small businesses)
through a suite of proprietary tools and products (including ACA
plans and small group medical stop-loss). All products are
placed with highly rated carriers.
Forward-looking
StatementsCertain statements and information contained in
this 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
that 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 Independence Holding Company (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. IHC expressly disclaims any duty to
update its forward-looking statements unless required by applicable
law.
CONTACT: LOAN NISSER
(646) 509-2107
www.IHCGroup.com
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