IHC - IHC STOCK NEWS

Independence Holding Company (NYSE: IHC) reported its third-quarter and nine-month results for 2021, revealing a loss of $11,512,000 or $.79 per share for Q3, compared to a loss of $7,340,000 or $.50 per share in Q3 2020. For the nine-month period, the loss was $23,514,000 or $1.61 per share, up from $16,391,000 or $1.11 per share the previous year. However, net income for Q3 2021 was $17,359,000 or $1.18 per share, significantly higher than $8,688,000 or $.59 per share in Q3 2020. The company also announced plans to sell several subsidiaries and expects a pro forma book value of approximately $48.50 per share after these transactions.

Independence Holding Company (NYSE: IHC) announced a definitive Agreement and Plan of Merger with Geneve Holdings, Inc., marking a Going Private Transaction. Shareholders, excluding Geneve, will receive $57.00 per share in cash, reflecting a 35.7% premium over the price on August 27, 2021. This transaction will be partially financed through the sale of two subsidiaries, expected to close by year-end 2021. The Board, through a Special Committee, unanimously approved the deal, which remains subject to approval from minority shareholders and customary closing conditions.

Independence Holding Company (NYSE:IHC) announced that its Board received a preliminary offer from Geneve Holdings, Inc. to acquire all outstanding shares not owned by Geneve for $50 per share in cash. Geneve's subsidiaries hold approximately 62.5% of IHC's shares. A Special Committee will evaluate this proposal, which requires approval from the Special Committee and a majority of the remaining shareholders. There’s no assurance that a definitive offer will be made or that the transaction will be completed.

Independence Holding Company (NYSE: IHC) reported significant growth in Q2 2021, achieving a net income of $76.5 million or $5.22 per share, up from $421,000 or $0.03 per share year-over-year. For the first six months, net income was $82.1 million or $5.61 per share, compared to $4.7 million or $0.32 per share in 2020. The company executed key transactions, including the sale of PetPartners, resulting in a $62.7 million gain. Post-transactions, IHC anticipates a book value of $47.00 per share, up from $37.45. CEO Roy Thung emphasizes plans to expand agency operations through INSXcloud.com.

Independence Holding Company (NYSE: IHC) has announced the sale of Madison National Life Insurance Company to Horace Mann Educators Corporation for $172.5 million in cash, with a potential bonus of $12.5 million based on 2023 financial targets. The agreement has received board approval and majority shareholder consent, pending regulatory approvals. Following the sale, IHC will hold significant cash and investments, a 30% stake in Iguana Capital, and will continue expanding its health insurance agency operations. The transaction is expected to close by January 1, 2022.

Independence Holding Company (NYSE: IHC) has finalized the sale of its 85% stake in PetPartners, Inc. (PPI) to Iguana Capital for approximately $265 million, structured as 70% cash and 30% stock in Iguana. This transaction, part of a broader agreement including IHC's Independence American Holdings Corp., reflects strategic divestiture plans. David T. Kettig will resign as President and COO of IHC to join Iguana Capital as CEO. Teresa A. Herbert and Colleen P. Maggi will take on new leadership roles within IHC.

Independence Holding Company (NYSE: IHC) has declared its semi-annual cash dividend of $.22 per share, payable to shareholders of record on June 25, 2021, with a payment date set for July 9, 2021. The company operates in various sectors including health and life insurance, providing coverage in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands. Recently, IHC entered stock purchase agreements to divest its holdings in Standard Security Life and a controlling interest in its pet division. This strategic move is key for future company positioning.

AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings of independence American Insurance Company and Madison National Life Insurance Company. The review follows IHC's definitive agreement to sell a 70% controlling interest in its pet division for $265 million in cash and a 30% interest in Iguana Capital Inc. This transaction is expected to close by the end of the second quarter, impacting IHC's revenue and earnings diversification.

Independence Holding Company (NYSE: IHC) announced an agreement to sell an 85% stake in its pet division, Pet Partners, Inc., as well as all stock of Independence American Insurance Company to Iguana Capital, Inc. The deal involves two separate agreements, with IHC receiving approximately $265 million in cash, equating to 70% of the total consideration, alongside 30% in the stock of the buyer. The transactions are subject to regulatory approvals and standard closing conditions.