Independence Holding Company Announces Redemption of Its Trust Preferred Securities
October 17 2016 - 3:30PM
Independence Holding Company (NYSE:IHC) (the “Company” or “IHC”)
today announced that it has redeemed the Junior Subordinated Debt
Securities due in April 2033 and the Junior Subordinated Debt
Securities due in January 2034, totaling $22,682,000, and has given
notice that it will redeem the Junior Subordinated Debt Securities
due in December 2034, totaling $15,464,000, prior to the end of the
year.
Chief Executive Officer’s
Comments
Roy T. K. Thung, Chief Executive Officer,
commented, “As a result of the transactions consummated this year
and last, the Company has a significant amount of liquidity. We are
pleased that redemption of these securities will be accretive to
earnings and will leave IHC debt free as we continue to explore
alternatives for our excess liquidity.”
About The IHC Group
Independence Holding Company (NYSE:IHC) is a
holding company that is principally engaged in underwriting,
administering and/or distributing group and individual disability,
specialty and supplemental health, pet, and life insurance through
its subsidiaries since 1980. The IHC Group owns three
insurance companies (Standard Security Life Insurance Company of
New York, Madison National Life Insurance Company, Inc. and
Independence American Insurance Company), a minority of Ebix Health
Administration Exchange, Inc., a fully insured third party
administrator, and IHC Specialty Benefits, Inc., a
technology-driven insurance sales and marketing company that
creates value for insurance producers, carriers and consumers (both
individuals and small businesses) through a suite of proprietary
tools and products (including ACA plans and small group medical
stop-loss). All products are placed with highly rated
carriers.
Forward-looking Statements
Certain statements and information contained in
this release may be considered “forward-looking statements,” such
as statements relating to management's views with respect to future
events and financial performance. Such forward-looking
statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from
historical experience or from future results expressed or implied
by such forward-looking statements. Potential risks and
uncertainties include, but are not limited to, economic conditions
in the markets in which IHC operates, new federal or state
governmental regulation, IHC’s ability to effectively operate,
integrate and leverage any past or future strategic acquisition,
and other factors which can be found in IHC’s other news releases
and filings with the Securities and Exchange Commission. IHC
expressly disclaims any duty to update its forward-looking
statements unless required by applicable law.
CONTACT: Loan Nisser
(646) 509-2107
www.IHCGroup.com
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