American Independence Corp. Announces a One-for-Three Reverse Stock Split to Comply with Nasdaq Listing Requirements.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 13, 2003

American Independence Corp. (NASDAQ: AMIC) today announced that its stockholders authorized a one-for-three reverse stock split at a special meeting of the stockholders held today. The reverse split is effective as of the close of business today.

The purpose of the reverse stock split is to have AMIC's common stock trade above $5.00 in compliance with Nasdaq initial listing requirements. Although currently listed on the Nasdaq National Market, AMIC is being treated as an initial listing because of the discontinuation of its prior business and acquisition of its current insurance operations.

AMIC is a holding company engaged principally in the insurance and reinsurance 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.