IHC To Sell More Health Insurance

Once the deal is completed, Scott Wood, president of Insurers Administrative, will become a co-chief operating officer at IHC.

Steve Wood, who is the founder of Insurers Administrative and the father of Scott Wood, will continue to be chairman of Insurers Administrative, and he has agreed to help IHC get better provider network discounts for Standard Security Life customers.

David Kettig, who has been a chief operating officer at another IHC unit, American Independence Corp., also will become an IHC co-chief operating officer, IHC says.

IHC Chief Executive Roy Thung says his company will be filing new individual and limited-benefit health products this year.

The acquisition of Insurers Administrative “transforms IHC into a life and health insurance company with comprehensive ‘in-house’ capabilities that are readily scaleable and will enable us to expand rapidly in the fully insured health market, which is much larger than the self-funded health market,” Thung says in a statement.

The medical stop-loss business was profitable in late 2005, but margins were declining, and IHC believes that margins on fully insured health coverage are less volatile, Thung says.