Independence Holding Company Appoints Managing General Underwriter

STAMFORD, Conn., Aug. 17, 2009 (GLOBE NEWSWIRE) -- Independence Holding Company
(NYSE:IHC) today announced the appointment of an employer medical stop-loss
managing general underwriter (MGU) by Madison National Life Insurance Company,
Inc.

Roy Thung, Chief Executive Officer, commented, "We are pleased to announce the
appointment of a managing general underwriter (MGU) producing employer medical
stop-loss for Madison National Life. This is a highly regarded MGU with an
established block of approximately $42 million of business. As cases renew and
new policies are sold, Madison National Life will serve as one of this MGU's two
carriers and as the reinsurer on the entire block."

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 and Madison
National Life Insurance Company, Inc.), its affiliate (American Independence
Corp. (Nasdaq:AMIC)), and its managing general underwriters, third-party
administrators, and marketing affiliates. Standard Security Life markets medical
stop-loss, small group major medical, short-term medical, major medical for
individuals and families, limited medical, group long and short-term disability
and life, dental, vision and managed health care products. Madison Life sells
group life and disability, employer medical stop-loss, small group major
medical, major medical for individuals and families, short-term medical, dental,
vision, and individual life insurance. AMIC is a holding company principally
engaged in the insurance and reinsurance business through Independence American
Insurance Company and its agencies and managing general underwriter division.

Certain statements in this news 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 which 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.

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CONTACT: Independence Holding Company
David T. Kettig
(212) 355-4141 Ext. 3047
www.IHCGroup.com