At its present price, American Independence Corp. ("AMIC"), appears to exhibit favorable risk/reward characteristics given the combination of a highly profitable core business, a significant tax asset, and potential for increased growth. AMIC is a small insurer and reinsurer with a market capitalization of approximately $84 million, at $10.40 per share, and shareholders' equity of $12.76 per share. AMIC underwrites niche health insurance products on an independent basis and also participates in a reinsurance treaty with Independence Holding Corporation ("IHC") with whom it shares a number of management personnel. In 2013, IHC completed a tender offer for AMIC shares at $10, bringing their level of ownership to 90%. (IHC Tender Offer)
IHC's interest in AMIC is...
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