Investors Heritage Names Robert Hardy Chief Executive Officer; Raymond Carr, John Frye to Serve as Co-Presidents

Harry Lee Waterfield II named Vice Chairman

FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) today
announced that Executive Vice President and General Counsel Robert Hardy
has been named Chief Executive Officer, succeeding Harry Lee Waterfield
II, who will become Vice Chairman, effective June 1.

“It has been one of the great honors of my life to work beside the fine
people of Investors Heritage and ensure that our policyholders have
comfort and confidence when they need it most,” said Mr. Waterfield.
“The growth and success that we have achieved over the last several
months – building on our strengths as we launched new products, entered
new markets – have me shown me once again that we have exceptional
people in place who are more than capable of capitalizing on this
momentum.”

Mr. Waterfield is only the second CEO of Investors Heritage, a firm
founded and led by his father and former two-time Lieutenant Governor of
Kentucky, Harry Lee Waterfield.

“Harry Lee will continue to be a part of Investors Heritage,” said Rudy
Sahay, Chairman of Investors Heritage and Managing Partner of Aquarian
Holdings, which acquired Investors Heritage’s parent company in March
2018. “His commitment to the company and to Frankfort is a legacy of
unfailing service, integrity, and excellence – one that all of us who
are part of the Investors Heritage family will do our best to honor and
carry forward.”

Mr. Hardy joined Investors Heritage in 1987 and has had responsibility
for a number of the company’s operations, including corporate strategy,
legal, and regulatory affairs.

“Over the last four decades, I have had the privilege to work alongside
Rob and have seen up close the thoughtfulness, discipline, and rigor
that translate directly to value for our people and our policyholders,”
said Mr. Waterfield. “Our company has taken important steps forward and
Rob’s expertise, understanding of our business, and track record of
thoughtful stewardship make him the ideal choice to lead Investors
Heritage as we continue on that path.”

Added Mr. Hardy, “Harry Lee has consistently embodied what is best in
Investors Heritage. It is an honor to follow his lead and build on the
great legacy that he and my grandfather have established. I look forward
to working with the dedicated people at Investors Heritage and its wide
network of partners to further our track record of exceptional service
and excellence for our policyholders.”

In addition, Investors Heritage also announced Executive Vice President
and Chief Operating Officer Raymond Carr and John Frye of Aquarian
Holdings have been named Co-Presidents.

Mr. Carr joined Investors Heritage in 1972, serving in a number of
senior roles throughout the company. He previously served as Chief
Financial Officer and Vice President of Administrative Operations and
Computer Services. Mr. Frye, an operating partner at Aquarian Holdings,
previously served as Chief Strategy Officer at Advisors Excel, one of
the largest independent marketing organizations in the insurance
industry, and as Chief Financial Officer, Chief Investment Officer, and
Chief Risk Officer at Security Benefit Life Insurance Company of Topeka,
Kansas, a leading annuity underwriter. He spent 20 years as a financial
executive at General Electric, where he served as CFO for a number of
its businesses.

“With Raymond and John, Investors Heritage gets a highly credible,
effective team to work with Rob,” said Mr. Waterfield. “Raymond has
earned my trust and that of our partners many times over through his
decades of service in representing us. John’s breadth of experience in
insurance coupled with his knowledge of the annuity market and fresh
perspective will be critical for our long-term success as the company
continues to service our current markets, launch new products, and enter
new markets. The company could not ask for a better leadership team to
oversee our growth.”

Added Mr. Sahay, “We are grateful for Harry Lee’s 58 years of service
and have the utmost confidence in Rob, Raymond, and John’s ability to
shepherd the business through its next phase of growth. Together, we at
Investors Heritage look forward to building on our record of service and
our continuing commitment to the great Commonwealth of Kentucky.”

About Investors Heritage

Investors Heritage Life Insurance Company offers its policyholders a
wide range of insurance solutions backed by a track record of
exceptional service. Founded in 1960 and headquartered in Frankfort,
Kentucky, the company has a rich and growing tradition of providing
tools to help people build and manage their legacies as a leader in
preneed and final expense policies, and through its new retirement and
wealth management offerings. For more information, please visit investorsheritage.com.

Contacts

Media
Anthony Lacavaro
Aquarian
Holdings
alacavaro@aquarianlp.com
212.720.1015