A.M. Best has placed under review with developing implications
the financial strength rating of A- (Excellent) and the issuer credit
ratings (ICR) of “a-” of Madison National Life Insurance Company, Inc.
(Madison National) (Madison, WI), Standard Security Life Insurance
Company of New York (Standard Security) (New York, NY) and Independence
American Insurance Company (Independence American) (New Castle, DE),
all subsidiaries of Independence Holding Company (Independence
Holding) (headquartered in Stamford, CT) [NYSE:IHC]. Concurrently, A.M.
Best has placed the ICR of “bbb-” of Independence Holding under review
with developing implications.
The actions follow the recent public announcement by Independence
Holding that it has entered into definitive agreement with Swiss Re
Corporate Solutions Ltd to co-insure the in-force stop–loss business
of Standard Security and Independence American produced by IHC Risk
Solutions for an aggregate of $152.5 million in cash. The transaction,
subject to regulatory approvals, is expected to close in the first
quarter of 2016. The ratings will remain under review pending the
completion of the transaction, and A.M. Best’s discussions with
management regarding future plans for the remaining business.
This press release relates to rating(s) that have been published on
A.M. Best’s website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please visit A.M. Best’s Ratings
& Criteria Center.
A.M. Best is the world’s oldest and most authoritative insurance
rating and information source. For more information, visit www.ambest.com.
Copyright © 2016 by A.M. Best Company, Inc. ALL RIGHTS
RESERVED.
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