Management
Roy T. K. Thung
Roy T. K. Thung is the Chief Executive Officer, President and Chairman of the Board of Directors of
Independence Holding Company (NYSE: IHC), having served IHC in various capacities since its founding in
1980. Mr. Thung also serves as Chief Executive Officer, and as a director, of American Independence Corp.
(NASDAQ: AMIC), and as a director of The Aristotle Corporation. Both American Independence
Corp. and The Aristotle Corporation are affiliates of IHC.
Mr. Thung holds an M.B.A. from the Stern School of Business at New York University.
Larry R. Graber
Larry R. Graber is Chief Life and Annuity Actuary and Senior Vice President of Independence Holding Company (NYSE: IHC).
He is also a director of IHC, and President of Madison National Life Insurance Company, Inc., a wholly owned subsidiary
of IHC.
Mr. Graber has more than 30 years of experience in life and annuity acquisitions. He has been involved in more than
130 acquisitions of life and annuity blocks or companies, dealing with state insurance departments, state guaranty
associations, NOLGHA, and insurance companies. Prior to joining IHC, Mr. Graber owned an acquisition consulting firm
and was President of Hill Country Life Insurance Company.
Mr. Graber attended Weatherford College and the University of Texas at Austin. He also has a MBA from the
University of Texas at Austin.
Teresa A. Herbert
Teresa A. Herbert is Chief Financial Officer and Senior Vice President of Independence Holding Company (NYSE: IHC),
having served IHC in various capacities since 1988. Ms. Herbert also serves as Chief Financial Officer of American
Independence Corp. (NASDQ: AMIC), and as a director of AMIC. AMIC is an affiliate of IHC.
Prior to joining IHC, Ms. Herbert worked for KPMG LLC. She holds an accounting degree from Rutgers University
and is licensed as a Certified Public Accountant in the state of New Jersey.
Michael A. Kemp
Michael A. Kemp is Chief Underwriting Officer and Senior Vice President of Independence Holding Company
(NYSE: IHC). Mr. Kemp is also President of IHC Risk Solutions, LLC, the direct employer stop-loss division of IHC.
Mr. Kemp has over 30 years' experience in the life and health insurance and reinsurance industry. He has
assumed actuarial and underwriting roles at consulting firms, insurance companies, and a reinsurance management
firms. In 2003, he founded ReAct Consulting International where he provided actuarial and underwriting consulting
services to many clients, including IHC since 2005.
Mr. Kemp has been a Fellow of the Society of Actuaries since 1985 and is also a Member of the American
Academy of Actuaries and a Fellow of the Conference of Consulting Actuaries.
David T. Kettig
David T. Kettig is Chief Operating Officer and Senior Vice President of Independence Holding Company (NYSE: IHC),
having served IHC in various capacities since 1992. Mr. Kettig is also a director of IHC. In addition, Mr. Kettig
serves as a director of American Independence Corp. (NASDAQ: AMIC) and as President of both Standard Security
Life Insurance Company of New York and Independence American Insurance Company, all corporate affiliates of IHC.
He is a frequent contributor to trade publications (such as Broker World, HIU and Benefits Selling) on topics
including medical stop-loss and fully insured health products. Mr. Kettig is a regular speaker at industry
events on trends in the health insurance industry and the future of health care policy in the United States.
Prior to joining IHC, Mr. Kettig practiced law with a large firm based in New York City. He holds a law
degree from Cornell Law School and is a graduate of Hamilton College.
Jeffrey C. Smedsrud
Jeffrey C. Smedsrud is Chief Marketing and Strategy Officer and Senior Vice President of Independence
Holding Company (NYSE:IHC). Mr. Smedsrud also serves as President of American Independence Corp. (NASDAQ: AMIC),
Chief Executive Officer and President of IHC Specialty Benefits, Inc. and Chief Executive Officer of
Independent Producers of America, LLC, all corporate affiliates of IHC.
As a managing partner of CORE Marketing in the mid-90s, Smedsrud grew the Dallas-based direct marketing
and association management company from less than $5 million in revenue to $50 million before being sold in 1998.
Prior to joining CORE, Jeff operated his own public affairs consulting company, serving on the White House
Task Force and focusing on issues related to the insurance industry, testifying on insurance and health
care issues before state and federal legislative committees.
Gary J. Balzofiore
Gary J. Balzofiore is Corporate Vice President – Accounting and Finance of Independence Holding
Company (NYSE:IHC) and its affiliate, American Independence Corp. (NASDAQ: AMIC). Mr. Balzofiore
is also Executive Vice President and Chief Financial Officer of Standard Security Life Insurance
Company of New York, a wholly owned subsidiary of IHC.
Mr. Balzofiore holds a Bachelor of Science in Accounting from Wagner College. He has over
30 years of professional experience in the insurance industry.
Adam C. Vandervoort
Adam C. Vandervoort is Corporate Vice President, General Counsel and Secretary of Independence Holding
Company (NYSE:IHC) and its affiliate, American Independence Corp. (NASDAQ:AMIC). In addition, Mr.
Vandervoort is Senior Vice President, General Counsel and Secretary of each of Standard Security Life
Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American
Insurance Company, all subsidiaries of IHC.
Prior to joining IHC, Mr. Vandervoort served as an in-house attorney with FedEx Corporation and
practiced law with a large firm based in New York City. He is admitted to practice law in the states
of New York, Connecticut, Tennessee and California. Mr. Vandervoort holds a J.D. from the University
of Pennsylvania Law School and A.M. and A.B. degrees from the University of Chicago. He is an active
member of American Bar Association and the Association of Corporate Counsel.