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The court was not convinced, since the IRS had previously stipulated the following: The private annuity was a valid agreement that met the requirements of Revenue Ruling 69-74; Katz transferred the options to SJA before their exercise; SJA was the owner of the proceeds from the UICI stock sale; and the transactions were not an attempt to unlawfully avoid federal taxes.
In January, UICI bought controlling interest in SeniorsFirst, which specializes in the sale of long term care and Medicare supplement insurance products.
UICI President and Chief Executive Officer Greg Mutz said selling its interest in SeniorsFirst back to Hanson "just made sense."
"Had I walked around the halls of Home Depot with my UICI shirt, he would have never made the connection."
That's one reason UICI made the transition to HealthMarkets: instant name recognition.
(LAQ626) GREGORY MUTZ, CEO of UICI (UCI), describes the company's business and its background; prospects for the industry, with positive and negative trends; competitive threats; strategic opportunities for the firm including its marketing plans and acquisition potential; management strength and organization; and the financial prospects of the firm looking forward.
* UICI Group, the parent company of the MEGA Life and Health Insurance Co., the Chesapeake Life Insurance Co.
Major health insurers are getting into the individual, or nongroup, market because it seems to be the fastest-growing sector of the insurance population, said William Gedwed, president and chief executive officer of UICI. Based in North Richland, Texas, UICI provides health, life and related products.
* UICI, a Dallas-based specialty life and health insurer, said its insurance subsidiaries hold an aggregate $7.52 million worth of WorldCom bonds.
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- UIC LHS
- UID (disambiguation)