Assurant exits health insurance business, sells some assets
MILWAUKEE — The parent company of Assurant Health says it has reached agreement to sell some business lines and assets to National General Holdings Corp. as it exits the health insurance market.
The Milwaukee-based Assurant Health has struggled financially since the introduction of the federal Affordable Care Act. The company specializes in health insurance for small employers and individuals.
Assurant Inc. said Wednesday it will be completely out of the health insurance market by the end of 2016.
The company says the first phase of layoffs will involve about 300 of its 1,700 Assurant Health employees this summer.
The Affordable Care Act negated one of Assurant Health's strengths — determining which customers are the best risk. The law bars insurers from turning away customers because of pre-existing health conditions.