29 Apr Milwaukee-based Assurant Health to be sold or closed, parent company says
With Milwaukee-based Assurant Health continuing to bleed red ink, its parent company announced in a Tuesday news release it will either sell the health insurer or exit the health insurance business.
Assurant Health’s product lines include Time Insurance and John Alden. The company has more than 1,000 employees at its downtown Milwaukee offices.
The impact on those employees will depend on whether the company is sold and the business strategy of a buyer.
“It’s premature for us to comment on possible outcomes,” said Assurant Inc. spokeswoman Vera Carley of impact on employees.
New York City-based Assurant Inc. said it completed a strategic review of its business portfolio and decided to focus on Assurant’s niche housing and lifestyle protection products where it holds market-leading positions. Assurant Inc. is exploring “strategic alternatives” for its employee benefits and health business segments, including the sale of each business.
If the health business segment is not sold, Assurant Inc. said it plans to exit the health insurance market in 2016.