123-Year-Old Health Insurance Company Goes Out of Business; Blames Obamacare

After expanding to accommodate the requirements of the Affordable Care Act (Obamacare) last year, a Wisconsin-based health insurance provider, founded in 1892, announced it will be closing its doors.

Assurant Health opted not to participate in the first Obamacare enrollment period in 2013; however, in November of that year, the company announced it would be selling plans in 16 states in 2014.

The company and industry watchers blamed its losses directly on the impact of Obamacare. Following implementation of the requirements to participate in the ACA exchanges, Assurant lost $63.7 million in 2014. The insurer raised its rates by 20 percent in 2015, in hopes of returning to profitability, but lost between $80 to $90 million during the first quarter of this year.

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