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Independence Acquires Annuity Block

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NU Online News Service, June 23, 2004, 12:24 p.m. EDT

Independence Holding Company, Stamford, Conn., says one of its units has acquired an annuity block with $25 million in reserves.[@@]

An Independence subsidiary, Madison National Life Insurance Company, made the deal.

Independence is not naming the seller or giving any other information about the annuity block, including its price. But Independence Chief Executive Roy T.K. Thung says his company is continuing to look for acquisition opportunities.

Independence is a holding company that owns companies that sell life insurance, medical stop-loss coverage and other types of life and health insurance. The Madison National unit has focused on selling group insurance products to school districts and other public employers in the Midwest.