American Independence Corp. has acquired a 51% stake in a company that sells individual medical insurance and limited-benefit medical plans.
American Independence, New York, is getting control of Insurance Producers Group of America Inc., Irving, Texas, and renaming the unit Independent Producers of America L.L.C..
Independence Holding Co., Stamford, Conn., a company that has been moving into the health insurance market, owns a 49.7% stake in American Independence.
Roy Thung, the chief executive officer of Independence Holding, is also CEO of American Independence.
Independent Producers sells insurance through the Web, and it also has a network of 600 active and pending independent agents operating in 27 states, American Independence says.
Independent Producers already is placing about $5 million of the $20 million in annual business it produces with American Independence affiliates, and American Independence is hoping that the company will double its volume and place more of its business with American Independence affiliates, Thung says in a statement.
“This acquisition positions Independence American to become a substantial presence in the expanding individual major medical market,” Thung says.