Atlas Shrugs: Obamacare Claims Its First Major Insurer Casualty | Assurant Quits Health Biz
- Assurant Health unit will report about $80 million to $90 million in net operating losses.
- About half of that loss is the result of a reduction in expected recoveries from the three Patient Protection and Affordable Care Act (PPACA) risk-management programs (the "insurer bailouts"), and about half reflects high claims on PPACA-required policies in force during the first quarter.
- The company has decided to sell the health and benefits units because it does not believe the units can increase returns as quickly as the company requires.
- Assurant has contracts in place with about 30,000 small and midsize employers.
Source:
Allison Bell writing at LifeHealthPro on April 28, 2015.
