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CEO: Oscar Insurance expanding to 4 new markets in '19

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CEO: Oscar Insurance expanding to 4 new markets in '19

Oscar Insurance Corp. is expanding to four new markets in 2019, CEO Mario Schlosser said in an interview with Bloomberg News.

He did not disclose the areas, since the insurer is still drawing up the filings. The company has established a new insurance company in Arizona, an indication that it is expanding to the state next year, according to the report.

Schlosser said the company will look to build partnerships with hospital systems. The insurer set up shop in four markets in 2018: Cleveland, Ohio; Austin, Texas; Nashville, Tenn; and New Jersey, Bloomberg reported.

The company raised $165 million in funding in March.

Bloomberg News also reported that Oscar Insurance posted a profit in the first quarter but still expects to record a loss for full year 2018.

It notched net gains of $3.1 million, $6.6 million and $2.3 million in New York; Texas and Tennessee; and Ohio, respectively. Oscar Insurance reported net losses of $3.6 million and about $1 million in California and New Jersey, respectively.