American Independence Corp. Announces Acquisition Of Managing General Underwriter.Business Editors NEW YORK--(BUSINESS WIRE)--April 20, 2004 American Independence Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMIC Am´ic a. 1. (Chem.) Related to, or derived, ammonia; - used chiefly as a suffix; as, amic acid; phosphamic acid. s> Amic acid (Chem. ) today announced the expansion of its business through the acquisition of substantially all of the assets of an employer medical stop-loss managing general underwriter, which has a block of approximately $13 million of annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. premium. The assets were acquired by IndependenceCare Underwriting Services - MidAtlantic LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , which will be based in Baltimore, Maryland and will retain the key marketing personnel of the former MGU MGU Most General Unifier MGU Managing General Underwriter (insurance) MGU Mahatma Gandhi University (Kerala India) MGU Movement for Guatemalan Unity MGU Midcourse Guidance Unit . Roy T.K. Thung, Chief Executive Officer, commented, "We are pleased to be able to expand our MGU division. As a result of this acquisition, our stop-loss MGUs have increased their block to $160 million of annualized premiums written through several carriers. We are confident that IndependenceCare - MidAtlantic will contribute to our MGU operations." AMIC is a holding company principally engaged in the insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. business through Independence American Insurance Company and its employer medical stop-loss and managed care managing general underwriters. Some of the statements included herein may be considered to be forward looking statements, which are subject to certain risks and uncertainties. Factors which could cause the actual results to differ materially from those suggested by such statements are described from time to time in AMIC's filings with the Securities and Exchange Commission. |
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