Insurance holding company - Assurant Inc. - announced their intent to exit the health insurance marketplace by 2016; and have retained investment banking firm - Barclays Capital - to locate a potential buyer for their health insurance and employee benefits subsidiaries. Like the legions of health insurers that have exited the market before and after passage of the Affordable Care Act (ACA), the reason is simple - quarterly losses in the millions with seemingly no end in sight. In the case of Assurant Health (and its more recognizable subsidiary insurers in the health insurance market including Time, John Alden Life, and Union Security Life) it appears the ACA was the proverbial "straw that broker the camel's back". Here's what we know based on a variety of media outlets, and Assurant's own press release...
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