Wednesday, June 10, 2015

It's official (Assurant waves buh-bye)

As we predicted a month-and-a-half ago, Assurant is saying adios to health insurance:

"Assurant Inc. said today it will exit the health insurance market and sell some small group business lines ... Assurant Health will cease sales of its individual major medical, small group fully insured and short-term medical health insurance policies on June 15 and will not participate in open enrollment under the Affordable Care Act for 2016."

No reason was given for this shocking development.

Just kidding!

It was The ObamaTax:

"Approximately half Assurant’s projected 2015 losses are attributable to a reduction in 2014 estimated recoveries from the ACA risk mitigation programs"

That would be the highly suspect touted Risk Corridors.

And what about the other half?


"The remainder reflects elevated claims on 2015 ACA policies."

Hey, remember that promise?
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