Independence Holding (IHC) announced that its subsidiaries, Madison National Life Insurance Company (MNL) and Standard Security Life Insurance Company of New York, have successfully completed the reinsurance of substantially all of their run-off blocks of individual life and annuities and the sale of MNL’s infrastructure related to those blocks to National Guardian Life Insurance Company for an aggregate of $42m in cash.

The agreement to enter into the transaction was announced on June 15, 2015.

Madison National Life Insurance is domiciled in Wisconsin and licensed to sell insurance products in 49 states, the District of Columbia, Guam, American Samoa and the U.S. Virgin Islands.

Its core products and services are group life and disability income and specialty health insurance.

Independence Holding 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, Madison National Life Insurance Company, Inc. and Independence American Insurance Company) and its marketing and administrative affiliates.

Standard Security Life furnishes medical stop-loss, group major and limited medical, short-term medical, group long-term and short-term disability, group life, short-term, employer-mandatory disability benefit policies in New York, group and individual dental, vision and various supplemental products.

Madison National Life sells group life and disability, group limited medical, group and individual dental, and various supplemental products.