STAMFORD, Conn., June 11, 2020 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE: IHC) (“IHC” or the “Company”) has resumed purchasing its shares of common stock in open market transactions under its stock repurchase program (“Repurchase Program”) now that the ten business day period after the expiration of its recent tender offer to purchase up to 1,000,000 shares has expired. The intent of the tender offer was to provide liquidity to stockholders seeking to sell their shares of stock, and IHC remains committed to continuing to provide such liquidity even after completion of the tender offer.
Under the current Repurchase Program, IHC may repurchase up to 1,659,208 shares of its common stock, from time to time, in the open market subject to applicable rules. In addition, IHC may repurchase shares under the Repurchase Program through privately negotiated transactions.
About The IHC Group
Independence Holding Company (NYSE: IHC), formed in 1980, is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual specialty benefit products, including disability, supplemental health, pet, and group life insurance through its subsidiaries (Independence Holding Company and its subsidiaries collectively referred to as “The IHC Group”). The IHC Group consists of three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company). We also own the following agencies: (i) PetPartners, Inc., our pet insurance administrator; (ii) IHC Specialty Benefits, Inc., a technology-driven full-service marketing and distribution company that focuses on small employer and individual consumer products through its call center, career agents, and Independence Brokerage Group; and (iii) The INSX Cloud Platform through My1HR, our wholly owned Web Based Entity. Our InsureTech division is comprised of our call centers, field and career agents, in-house MarTech artificial intelligence capabilities and domains, including www.healthedeals.com; www.healthinsurance.org; www.medicareresources.org; www.petplace.com; and www.mypetinsurance.com.
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 SEC. IHC expressly disclaims any duty to update its forward-looking statements unless required by applicable law.
Source: Independence Holding Company