 OLDWICK, N.J.--BUSINESS WIRE--AM Best has placed under review with developing implications the Financial Strength Rating FSR of A- Excellent and the Long-Term Issuer Credit Ratings Long-Term ICR of a- Excellent of Independence American Insurance Company IAIC Wilmington, DE and Madison National Life Insurance Company Madison National Madison, WI. IAIC and Madison National are insurance subsidiaries of Independence Holding Company headquartered in Stamford, CT NYSE: IHC, a 