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IHC To Assume $105 Million Life Block

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A unit of Independence Holding Company has agreed to take over a block of 50,000 life insurance policies.[@@]

The block comes with $105 million in reserves, with $70 million backing traditional life policies and $35 million backing universal life and interest-sensitive life policies, according to Independence Holding, Stamford, Conn.

Independence Holding is acquiring the block through its Madison National Life Insurance Company Inc. unit.

Independence Holding has declined to name the seller of the block or the price Madison National is paying, but the company says it hopes to complete the deal by June 19.