A.M. Best Company Affirms A- (Excellent) Group Rating of All Carriers in the IHC Group

A.M. Best Company Affirms A- (Excellent) Group Rating of All Carriers in the
IHC Group

STAMFORD, Conn., Nov. 21, 2013 (GLOBE NEWSWIRE) -- Independence Holding
Company (NYSE:IHC) today announced that A.M. Best Company has affirmed the
financial strength rating of A- (Excellent) and issuer credit ratings of "a-"
of Madison National Life Insurance Company, Inc., Standard Security Life
Insurance Company of New York and Independence American Insurance Company. The
outlook for all ratings is stable.

A.M. Best stated, "The ratings reflect the group's consistent profitability,
the execution of its business strategy and its more than adequate
risk-adjusted capitalization. Independence Holding's insurance operating
companies, facilitated by strong relationships with various partners, continue
to generate fairly consistent operating earnings across its many lines of
business. Earnings continue to improve driven by increased medical stop-loss
and group major medical sales in addition to more conservative underwriting,
which has resulted in lower loss ratios." A.M. Best further commented, "The
ratings also reflect the implementation of Independence Holding's strategic
business plan to facilitate premium growth, which entailed selectively
expanding its product portfolio and emphasizing lines that were expected to be
only marginally impacted by the Patient Protection and Affordable Care Act.
Recent product offerings include pet insurance, international medical and
non-subscriber occupational accident from Independence American."

Roy Thung, Chief Executive Officer of IHC, commented, "We are very gratified
that A.M. Best has affirmed our group rating of 'A- (Excellent).' In doing so,
A.M. Best has recognized our organization's continuing product and earnings
diversification, conservative underwriting and enhanced capital position. We
are particularly pleased with the significant increase in interest in IHC's
new stop-loss products for smaller self-funded groups and group captive
arrangements. Group captive arrangements provide an excellent alternative
for small- to medium-sized employers to avail themselves of the advantages of
self-funding while enjoying the safety in numbers afforded by the pooling of
risk within the captive structure.We believe that stop-loss and ancillary
products are becoming increasingly attractive options for purchasers of group
health insurance as a result of the Affordable Care Act."

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, group major medical, short-term
medical, limited medical, group long-term and short-term disability and life,
dental, vision and various supplemental products. Madison National Life sells
group life and disability, group major medical, dental, individual life
insurance and various supplemental products. Independence American offers pet
insurance, non-subscriber occupational accident, international coverages,
small-group major medical and short-term medical. 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.

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 or earnings guidance, and does not undertake to
provide any such guidance in the future.

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