IHC Announces Completion of Sale of Madison National Life Insurance Company, Inc. | national


STAMFORD, Connecticut, January 03, 2022 (GLOBE NEWSWIRE) – Independence Holding Company (NYSE: IHC) today announced the completion of the sale of its subsidiary Madison National Life Insurance Company, Inc. (“Madison National Life”) to Horace Mann Educators Corporation (“Horace Mann”). All the conditions for the completion of the sale were met and the transaction was concluded with effect from January 1, 2022.

Roy TK Thung, Chairman and CEO, said, “We are very pleased that the transaction was completed on time and appreciate all the efforts made by both companies to complete the sale. We believe the sale of Madison National Life to Horace Mann is beneficial for both companies. We are confident that Madison National Life will experience continued growth under the ownership of Horace Mann.

About the holding company Independence

Independence Holding Company (NYSE: IHC), through our current subsidiaries, distributes Medicare, Life, Under-65 Health (including Affordable Care Act plans) and other insurance products directly to consumers, through agents and through affinity partnerships. We sell products nationwide through multiple channels including digital, call center, and advisors, all of whom use our CMS approved web broker, INSXcloud.com. We provide information and quotation capabilities through our domain properties, including health insurance.org; medicareresources.org; monassurancesante.com; and alimentationsante.com. To find out more visit https://ihcgroup.com.

Forward-looking statements

Certain statements and information contained in this press release may be considered “forward-looking statements”, such as statements relating to the views of management concerning future events and financial performance. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical experience or future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the economic conditions of the markets in which IHC operates, new federal or state regulations, IHC’s ability to effectively operate, integrate and operate any past or future strategic acquisitions, and other factors that may be found in other press releases and documents filed by IHC with the Securities and Exchange Commission. IHC expressly disclaims any obligation to update its forward-looking statements, except as required by applicable law.

CONTACT: Nisser Loan (646) 509-2107 www.IHCGroup.com

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