BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Assurant to exit health insurance market

Assurant to exit health insurance market

Assurant Inc. plans to leave the health insurance market by the end of 2016.

The New York-based company, which does business as Assurant Health, plans to focus on housing and lifestyle specialty insurance where “the greatest opportunity for profitable growth” exists, President and CEO Alan B. Colberg said Wednesday in a statement.

Assurant Health has reached an agreement to sell certain assets to New York-based specialty insurer National General Holdings Corp., which will acquire Assurant Health's supplemental and small-group self-funded business, according to the statement.

Assurant Health will stop selling individual major medical, small-group fully insured and short-term medical health coverage on June 15, and will not participate in open enrollment under the Affordable Care Act for 2016, according to the statement.

Of 1,700 positions, an estimated 300 jobs will be eliminated starting this summer, the company said.

Total costs for exiting the health insurance market are estimated at $175 million to $250 million, Assurant Health said. The company estimates future “incremental cash expenditures” related to these costs will be $95 million to $110 million.

Read Next