Independence Holding Company Announces Results of Tender Offer for American Independence Corp. Common Stock

Independence Holding Company Announces Results of Tender Offer for American
Independence Corp. Common Stock

STAMFORD, Conn., Oct. 3, 2013 (GLOBE NEWSWIRE) -- Independence Holding Company
(NYSE:IHC) today announced the results of its previously announced tender
offer to purchase up to 762,640 shares of common stock of American
Independence Corp. (Nasdaq:AMIC) for $10.00 net per share in cash (the "Tender
Offer"). The Tender Offer expired at 5:00 P.M. New York City time on Wednesday
October 2, 2013.

IHC has been advised by Registrar & Transfer Company, the depositary for the
Tender Offer, that 952,999 shares of AMIC common stock (including 481 shares
tendered pursuant to the guaranteed delivery procedures) were validly tendered
and not withdrawn as of the expiration time. Therefore, the Tender Offer is
oversubscribed. As a result, the number of shares that IHC will accept for
purchase from each of the tendering stockholders will be prorated to limit
IHC's purchase to 762,640 shares. The estimated proration factor, based on
information reported by the depositary, is approximately 80% of the tendered
shares (including shares tendered in accordance with the guaranteed delivery
procedures).

The number of shares of AMIC common stock validly tendered and not properly
withdrawn (including shares tendered pursuant to guaranteed delivery
procedures) and the estimated proration factor are subject to verification by
the depositary. Payment for shares of AMIC common stock accepted for payment
by IHC, based on a final proration factor, and adjustments to avoid purchases
of fractional shares of AMIC's common stock, will be made promptly upon
determination of the final proration factor in accordance with the terms of
the Tender Offer. All shares of AMIC common stock tendered but not accepted
for payment in the Tender Offer will be returned to the tendering
stockholders.

This press release is neither an offer to purchase nor a solicitation to buy
any shares of stock, nor is it a solicitation for acceptance of the Tender
Offer. The Tender Offer has been made solely pursuant to an offer to purchase,
including amendments thereto, and the related letter of transmittal, which set
forth the complete terms of the Tender Offer.

About Independence Holding Company

IHC is a holding company principally engaged in the life and health insurance
business and the acquisition of blocks of policies through its insurance
company subsidiaries (Standard Security Life Insurance Company of New York,
Madison National Life Insurance Company, Inc. and Independence American
Insurance Company) and its marketing and administrative affiliates. Standard
Security Life markets medical stop-loss, small group major medical, short-term
medical, limited medical, group long and short-term disability and life,
dental, vision and various supplemental products. Madison Life sells group
life and disability, small group major medical, major medical for individuals
and families, dental, individual life insurance, and various supplemental
products. Independence American offers major medical for individuals and
families, medical stop-loss, small group major medical, short-term medical,
pet insurance, and non-subscriber occupational accident and international
coverages. IHC owns certain subsidiaries through its majority ownership of
American Independence Corp. (Nasdaq:AMIC), which is a holding company
principally engaged in the insurance and reinsurance business.

CONTACT: ADAM C. VANDERVOORT
         (646) 509-2156
         www.ihcgroup.com
 
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