After expanding to do business on the Affordable Care Act’s exchanges last year, a Wisconsin-based health insurance company founded in 1892 has announced it will close its doors.
Assurant Inc. announced last week one of its subsidiaries, Assurant Health, an insurance company, will either be sold or shuttered after losing tens of millions of dollars this year. The decision comes 18 months after the implementation of the Affordable Care Act, and industry watchers argue Assurant Health’s end can be attributed to the new health care law.
“The health and employee benefits business segments possess differentiated capabilities in their respective markets, but we do not believe they can meet our return targets at the pace we require,” Alan Colberg, president of Assurant Inc., said in a statement. “While this is a difficult decision, we believe they would be strong assets for new owners that are focused more exclusively on health care and employee benefits.”
In a letter to its shareholders, Assurant Health said it lost money because of...
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2 comments:
Lower costs and increased choice! Ain't Obamacare wonderful?
Ten to one they were in on Zerocare. They didn't realize that dealing with the devil meant they really would be left to swing in the wind. The were promised, PROMISED, that the admin would cover problems. If you want your profits, you can keep your profits. This was part of the plan, to burn insurance companies out and force people into single payer. Republicans are in on it, or they wouldn't be giving up on eliminating Zerocare.
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