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Independence Units Acquire Blocks Of Business

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NU Online News Service, Jan. 2, 2004, 1:23 p.m. EST – Independence Holding Company, Stamford, Conn., says two of its life insurance company subsidiaries, Madison National Life Insurance Company Inc. and Standard Security Life Insurance Company of New York, have acquired blocks of annuities and life policies backed by about $93 million in reserves.[@@]

The names of the sellers were not immediately available.

Independence says it now controls about $900 million in assets.

The company’s Standard Security Life unit sells disability insurance, life insurance and medical stop-loss insurance. The Madison National Life unit sells credit life insurance as well as life insurance and disability insurance.