The directors of Independence Holding Company (NYSE:IHC) have authorized the repurchase of about 500,000 shares of the company's common stock.
The board of IHC, Stamford, Conn., believes IHC stock is now undervalued, IHC CEO Roy Thung says.
IHC has about 15 million common shares outstanding. IHC shares have been selling for less than $7 for most of the past year. Company shares were selling for more than $20 in mid-2008, before the recession hit.
In related news, IHC says it has acquired the assets of a managing general underwriter that controls $30 million of employer medical stop-loss business and a majority of the stock of a company that provides utilization review and medical management services.
Federal health insurance reform could end up helping the medical stop-loss business, Thung says.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.