Milwaukee-based health insurer Assurant Health, which employs 1,200 people in Milwaukee, will be out of business by the end of next year.
Its parent company, Assurant Inc., announced that it’s leaving the health insurance market completely. It added it’s reached an agreement to sell portions of the business and assets to National General Holdings Corp.
Assurant Health lost $84 million during its 2015 fiscal first quarter, which ended March 31. That comes on the heels of a total loss of $64 million in 2014.
Assurant Health, which insured 967,000 people and had $1.9 billion in revenue last year, has struggled to adjust to changes in the health insurance market imposed by the Affordable Care Act, reports the Milwaukee Journal Sentinel.
The company specializes in health insurance for small employers and individuals, both of which have experienced the most changes from the law.
