The Assurant Health unit, which focuses on serving individuals and small employers, earned $200,000 on $389 million in net earned premiums, down from $23 million in net operating income on $446 million in net earned premiums.
Health insurance sales were flat, in part because of lower employer group sales, the company said.
Assurant has a 100+ year history and was one of the first carriers to write health insurance, even preceeding the Blue's. They have been attempting to remake themselves into a supplemental lines carrier and I believe they have a chance of succeeding in that regard.
But I also believe their days in the major medical and small group business are numbered . . . and it is all because of Obamacare.
Assurant remains optimistic that it will be able to "take advantage of the potentially large market opportunity created by health care reform," Pollock said.
And that market will be ancillary lines such as dental, accident and critical illness plans.
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