Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 14, 2021, the Company announced that it entered into a Stock Purchase Agreement (Agreement), by and among the Company and Independence Capital Corp. and Independence Holding Company (Seller) to acquire all the equity interests in Madison National Life Insurance Company, Inc., an insurance company organized under the laws of the State of Wisconsin (Madison National). Founded in 1961 and headquartered in Madison, Wisconsin, Madison National offers short- and long-term group disability, group term, and worksite solutions products, including accident, critical illness and fixed indemnity. The Agreement provided, among other things, that, upon the terms and subject to the conditions set forth in the Agreement, the Company would acquire all the equity interests in Madison National for $172.5 million. The Seller will have a potential earn-out of up to $12.5 million payable in cash, if specified financial targets are achieved by the end of 2023 and as such, the final purchase price is subject to adjustment.

Effective January 1, 2022, the Company completed its acquisition of Madison National. As a result of the acquisition, Madison National became a wholly owned subsidiary of the Company.