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Hot Stocks
Independence completes sale of Standard Security Life Insurance » 08:32
01/03/22
01/03
08:32
01/03/22
08:32
IHC

Independence Holding Co.

$56.61 /

+0.02 (+0.04%)

Independence Holding…

Independence Holding announced the completion of the sale of its subsidiary Standard Security Life Insurance Company of New York to Reliance Standard Life Insurance Company. All conditions to the consummation of the sale were satisfied and the transaction closed effective January 1, 2022.

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IHC Independence Holding Co.
$56.61 /

+0.02 (+0.04%)

IHC Independence Holding Co.
$56.61 /

+0.02 (+0.04%)

Hot Stocks
Independence Holding completes sale of Madison National Life to Horace Mann » 07:34
01/03/22
01/03
07:34
01/03/22
07:34
IHC

Independence Holding Co.

$56.61 /

+0.02 (+0.04%)

, HMN

Horace Mann

$38.70 /

-0.175 (-0.45%)

Independence Holding…

Independence Holding Company (IHC) announced the completion of the sale of its subsidiary Madison National Life Insurance Company to Horace Mann Educators Corporation (HMN). All conditions to the consummation of the sale were satisfied and the transaction closed effective January 1, 2022.

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IHC Independence Holding Co.
$56.61 /

+0.02 (+0.04%)

HMN Horace Mann
$38.70 /

-0.175 (-0.45%)

IHC Independence Holding Co.
$56.61 /

+0.02 (+0.04%)

HMN Horace Mann
$38.70 /

-0.175 (-0.45%)

07/08/21 Piper Sandler
Horace Mann price target lowered to $40 from $42 at Piper Sandler
02/19/21
Fly Intel: Top five analyst initiations
02/19/21 Raymond James
Horace Mann initiated with a Market Perform at Raymond James
02/18/21 Raymond James
Horace Mann initiated with a Market Perform at Raymond James
IHC Independence Holding Co.
$56.61 /

+0.02 (+0.04%)

HMN Horace Mann
$38.70 /

-0.175 (-0.45%)

Over a month ago
Hot Stocks
Independence Holding Co. to be acquired by Geneve for $57.00 per share » 17:33
11/09/21
11/09
17:33
11/09/21
17:33
IHC

Independence Holding Co.

$49.39 /

+0.24 (+0.49%)

Independence Holding Co.…

Independence Holding Co. announced that it has entered into a definitive agreement and plan of merger to be acquired by Geneve Holdings. Under the terms of the merger agreement, holders of the company's outstanding shares of common stock, excluding shares held by Geneve Holdings and its wholly owned subsidiaries will receive $57.00 per share in cash. The $57.00 per share price represents a premium of 35.7% over $42.01 per share, the trading price for common stock on August 27, the trading date immediately preceding the date on which Geneve initially proposed to acquire the company, and a premium of 15.2% over the closing trading price of $49.50 on November 8. The going private transaction will be financed in part through the proceeds from the sale of certain of the company's subsidiaries, Independence American Holdings Corp. and Standard Security Life Insurance Company of New York, which are anticipated to close prior to year-end 2021. The company's board of directors formed a special committee of directors consisting solely of independent directors after Geneve proposed a possible going private transaction in August. Geneve's proposal was expressly contingent upon any transaction being considered, negotiated and approved by a special committee and being subject to approval by the holders of a majority of the shares not owned by Geneve and its affiliates. The Special Committee was charged by the Board with conducting a process intended to examine Geneve's proposal and determine whether the Going Private Transaction was the best option for the Company's stockholders other than Geneve (the "Minority Stockholders"), and, if so, to negotiate its terms. The Special Committee, with the assistance of independent financial and legal advisors, conducted a review of the proposal, and after consideration of the various alternatives available to the Company, including remaining a public company, determined that a proposed Going Private Transaction at an acceptable price would be the best option for the Minority Stockholders, and following this determination, negotiated the price and other transaction terms with Geneve. The Special Committee concluded unanimously that the Going Private Transaction on the terms it negotiated was fair and in the best interests of the Minority Stockholders. Based on the unanimous recommendation of the Special Committee, the Merger Agreement was also approved by all of the Board members voting on the Merger Agreement. Directors of the Company who are also directors or officers of Geneve did not participate in the deliberations of the Special Committee and recused themselves from the vote of the board. Completion of the going private transaction is subject to certain closing conditions, including obtaining approval by the Majority of the Minority, the consummation of the pending sales of the company's subsidiaries, Independence American Holdings Corp. and Standard Security Life Insurance Company of New York, and other customary conditions. The company will continue to declare and pay regular dividends, consistent with past practice, through the closing of the going private transaction.

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IHC Independence Holding Co.
$49.39 /

+0.24 (+0.49%)

IHC Independence Holding Co.
$49.39 /

+0.24 (+0.49%)

Over a quarter ago
Hot Stocks
Independence Holding Co. rises 20.5% » 12:00
08/30/21
08/30
12:00
08/30/21
12:00
IHC

Independence Holding Co.

$50.60 /

+8.6 (+20.48%)

Independence Holding Co.…

Independence Holding Co. is up 20.5%, or $8.63 to $50.64.

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IHC Independence Holding Co.
$50.60 /

+8.6 (+20.48%)

IHC Independence Holding Co.
$50.60 /

+8.6 (+20.48%)

Hot Stocks
Independence Holding Co. rises 20.5% » 10:00
08/30/21
08/30
10:00
08/30/21
10:00
IHC

Independence Holding Co.

$50.62 /

+8.62 (+20.52%)

Independence Holding Co.…

Independence Holding Co. is up 20.5%, or $8.61 to $50.62.

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IHC Independence Holding Co.
$50.62 /

+8.62 (+20.52%)

IHC Independence Holding Co.
$50.62 /

+8.62 (+20.52%)

Hot Stocks
Independence Holding Co. receives preliminary non-binding going-private offer » 08:32
08/30/21
08/30
08:32
08/30/21
08:32
IHC

Independence Holding Co.

$42.32 /

+0.35 (+0.83%)

Independence Holding…

Independence Holding Company announced that its Board of Directors received a preliminary, non-binding offer from Geneve Holdings, Inc., which through its wholly-owned subsidiaries hold an aggregate of approximately 62.5% of the issued and outstanding shares of common stock of the Company, to acquire all of the outstanding shares of Common Stock that are not already beneficially owned by Geneve in a going-private transaction. Geneve's proposed purchase price is $50 per share, payable in cash. The offer letter delivered by Geneve to the Board of Directors is publicly available in the Schedule 13D amendment filed today by Geneve with the Securities and Exchange Commission. The Board of Directors of the Company formed a Special Committee of independent directors to consider the proposal and to review, evaluate, negotiate and approve or disapprove the proposal and alternatives. The consummation of the Transaction is conditioned upon the approval of the Transaction by the Special Committee and by the stockholders of the Company that hold in the aggregate a majority of the outstanding shares of Common Stock that are not held by Geneve and its affiliates and related parties. The consummation of the Transaction is also conditioned upon the consummation of the pending sales of Independence American Holdings Corp. and Standard Security Life Insurance Company of New York. No decision has yet been made with respect to the Company's response to the proposal or any alternatives thereto. The Board of Directors of the Company cautions that it has only received a proposal, which does not constitute an offer or proposal capable of acceptance and may be withdrawn at any time and in any manner. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the transaction proposed in the proposal or any other transaction will be approved or completed. The Company is not obligated to disclose any further developments or updates on the progress of the proposed transaction until either the Company enters into a definitive agreement or the Special Committee determines no such transaction will be approved.

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IHC Independence Holding Co.
$42.32 /

+0.35 (+0.83%)

IHC Independence Holding Co.
$42.32 /

+0.35 (+0.83%)

Earnings
Independence Holding Co. reports Q2 EPS $5.22 vs. 3c last year » 08:41
08/09/21
08/09
08:41
08/09/21
08:41
IHC

Independence Holding Co.

$46.20 /

+1.71 (+3.84%)

Roy T. K. Thung, Chief…

Roy T. K. Thung, Chief Executive Officer, commented, "We are very pleased with the three transactions we entered into this year, and the consummation of the sales is expected to take most of the focus of the Company for the remainder of 2021. After all the transactions are closed, IHC projects that it will hold approximately $560 million in cash and investments, net of liabilities; a 30% interest in Iguana Capital carried at $115 million; and our health insurance agency and other assets with an aggregate carrying value of approximately $20 million, resulting in an estimated book value of approximately $47.00 per share which is calculated as if the transactions occurred and were recorded on June 30, 2021. Actual book value per share at June 30, 2021 was $37.45. These projections are based on information currently known to management and include the use of estimates and assumptions with regards to anticipated transaction costs, estimated tax rates and other potential changes. We intend to invest, develop and expand our agency operations into a much larger and profitable operation. As we progress, our agency operations will be centered around INSXcloud.com, our CMS approved Web Broker. INSX provides an agent with the ability to quote, directly enroll and track applications on the Federally Facilitated Marketplace, plus much more. The balance of our agency includes our W-2 Call Centers and our captive independent Advisors unit, both of which sell into the under/over age 65 health insurance markets, as well as our Independence Brokerage Group which recruits independent agents and agencies to sell via our platforms and contracts. We are refocusing a portion of our over 65 division into the under 65 market in order to take advantage of the positioning of INSX, our agency and our lead generation capabilities, and the market growth resulting from the American Rescue Plan Act. Although these operations have been unprofitable, we expect these changes will improve the results and bring us to profitability in the future. In addition, we will also continue to monitor and support our minority interest investment in Iguana Capital."

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IHC Independence Holding Co.
$46.20 /

+1.71 (+3.84%)

Hot Stocks
Independence Holding Co. rises 8.3% » 09:47
07/14/21
07/14
09:47
07/14/21
09:47
IHC

Independence Holding Co.

$45.00 /

-0.22 (-0.49%)

Independence Holding Co.…

Independence Holding Co. is up 8.3%, or $3.75 to $48.75.

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IHC Independence Holding Co.
$45.00 /

-0.22 (-0.49%)

Hot Stocks
Independence Holding Co. to sell Madison National Life to Horace Mann » 08:27
07/14/21
07/14
08:27
07/14/21
08:27
IHC

Independence Holding Co.

$45.22 /

+0.02 (+0.04%)

, HMN

Horace Mann

$37.36 /

-0.93 (-2.43%)

Independence Holding…

Independence Holding Company (IHC) reported its agreement to sell Madison National Life Insurance Company to Horace Mann Educators Corporation (HMN). IHC and its wholly owned subsidiary Independence Capital Corp. entered into a Stock Purchase Agreement with Horace Mann Educators Corporation to sell all of the issued and outstanding capital stock of Madison National, a Wisconsin insurance company wholly owned by ICC, for an aggregate purchase price of $172.5 million in cash; in addition, if Madison National reaches specified financial targets in 2023, IHC will receive an additional purchase price of up to $12.5 million. The transaction has been approved by the Board of Directors of IHC, and IHC's majority stockholders have agreed to approve the transaction. The closing is expected no earlier than January 1, 2022; the transaction is subject to customary closing conditions, including applicable regulatory approvals, one of which is the approval by the Wisconsin Office of the Commissioner of Insurance. IHC also announced that Robert Stubbe has been promoted to President of Madison National until the transaction closes. Quarles & Brady LLP is providing external legal counsel to IHC in connection with the sale transaction.

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IHC Independence Holding Co.
$45.22 /

+0.02 (+0.04%)

HMN Horace Mann
$37.36 /

-0.93 (-2.43%)

IHC Independence Holding Co.
$45.22 /

+0.02 (+0.04%)

HMN Horace Mann
$37.36 /

-0.93 (-2.43%)

07/08/21 Piper Sandler
Horace Mann price target lowered to $40 from $42 at Piper Sandler
02/19/21
Fly Intel: Top five analyst initiations
02/19/21 Raymond James
Horace Mann initiated with a Market Perform at Raymond James
02/18/21 Raymond James
Horace Mann initiated with a Market Perform at Raymond James
HMN Horace Mann
$37.36 /

-0.93 (-2.43%)

HMN Horace Mann
$37.36 /

-0.93 (-2.43%)

Hot Stocks
Horace Mann to acquire Madison National Life Insurance for $172.5M » 08:14
07/14/21
07/14
08:14
07/14/21
08:14
HMN

Horace Mann

$37.36 /

-0.93 (-2.43%)

, IHC

Independence Holding Co.

$45.22 /

+0.02 (+0.04%)

Horace Mann (HMN)…

Horace Mann (HMN) announced it has signed a definitive agreement to acquire Madison National Life Insurance, a subsidiary of Independence Holding Company (IHC). Madison National is a writer of employer-paid and sponsored benefits provided to educators by K-12 school districts. The transaction is expected to close early in Q1 of 2022, subject to regulatory approval and other customary closing conditions. Headquartered in Madison, Wisconsin, Madison National offers short- and long-term group disability, group life and other products, with K-12 school districts representing 80% of 2020 premiums. Horace Mann has also entered into a long-term distribution agreement with National Insurance Services, or NIS, a distribution partner for Madison National for almost 40 years. NIS is an AssuredPartners company that provides employee benefit solutions exclusively for K-12 schools and other public sector organizations. In 2020, Madison National's net premiums were approximately $108M and statutory earnings were approximately $14M. Under the terms of the transaction, Horace Mann will acquire Madison National for $172.5M. The transaction has been approved by Horace Mann's and IHC's boards of directors and is expected to close early in Q1 of 2022, subject to regulatory approval and other customary closing conditions. After close, Madison National will operate as a wholly owned subsidiary of Horace Mann Educators. IHC will have a potential earnout of up to $12.5M payable in cash, if specified financial targets are achieved by the end of 2023. In the 12 months after closing, the transaction is expected to contribute approximately $7M-$9M or 15c-20c per share to Horace Mann's earnings, adding approximately 50 basis points to return on equity excluding net unrealized gains and losses on fixed maturity investments. These contributions include the effect of amortization of intangibles and one-time items related to the transaction, as well as modest assumptions regarding repositioning of Madison National's investment portfolio and additional operating expenses. The transaction will be funded with cash on hand and additional borrowings on the company's revolving credit facility, which is being extended to 2026 and expanded by $100M to $325M to provide ample liquidity. At closing, Horace Mann's leverage ratio is expected to be slightly below 25%, which aligns with levels appropriate for the company's current financial strength ratings. The company will target year-end RBCs of 425% for life and retirement subsidiaries and 400% for property and casualty subsidiaries. In addition, Horace Mann has signed a long-term distribution agreement with NIS to take effect concurrent with the closing of the Madison National transaction. NIS is an employee benefit brokerage subsidiary of AssuredPartners.

ShowHide Related Items >><<
IHC Independence Holding Co.
$45.22 /

+0.02 (+0.04%)

HMN Horace Mann
$37.36 /

-0.93 (-2.43%)

HMN Horace Mann
$37.36 /

-0.93 (-2.43%)

07/08/21 Piper Sandler
Horace Mann price target lowered to $40 from $42 at Piper Sandler
02/19/21
Fly Intel: Top five analyst initiations
02/19/21 Raymond James
Horace Mann initiated with a Market Perform at Raymond James
02/18/21 Raymond James
Horace Mann initiated with a Market Perform at Raymond James
IHC Independence Holding Co.
$45.22 /

+0.02 (+0.04%)

HMN Horace Mann
$37.36 /

-0.93 (-2.43%)

HMN Horace Mann
$37.36 /

-0.93 (-2.43%)

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