Employees of Assurant are about to be the latest victim.
With Milwaukee-based Assurant Health continuing to bleed red ink, its parent company announced in a Tuesday news release it will either sell the health insurer or exit the health insurance business. - BizjournalsThe company was established in 1892 and was profitable every year until 2013.
Assurant Health posted a $63.7 million operating loss in 2014. Assurant Inc. said Tuesday Assurant Health will report a net operating loss for the first quarter in the range of $80 million to $90 million.Assurant has more than 1,000 employees and over 1 million policyholders.
If Assurant Inc. does not sell Assurant Health, the parent company will begin the process this year of exiting the health insurance market and will not participate in the next ACA open enrollment period beginning in November.Goodbye.