The U.S. insurance industry in 2017 witnessed a sharp decline in the number of companies that were placed in receivership with just nine, down from 15 receiverships in 2016, according to an S&P Global Market Intelligence analysis.
Among the insurers that were placed in receivership last year, only two were health carriers. That stands in contrast to the receiverships list of 2016, where health carriers, including and especially those established under the Affordable Care Act, made up two-thirds of the total. The collapse of health insurers set up under the Affordable Care Act's Consumer Operated and Oriented Plan program started in 2015, when 12 such insurers failed, and continued through 2016.
Evergreen Health Inc. became the latest co-op entity to shut its doors after efforts to get private investors to revive the health carrier failed in 2017.
The aggregate net total assets of the companies that either entered rehabilitation or were ordered into liquidation in 2017 were $805.3 million. The largest company by net total assets that liquidated in 2017 was Guarantee Insurance Co. The company was valued at $366.7 million at the end of June 30, 2017.
Healthcare Providers Insurance Exchange became the first insurer to be liquidated in 2018 when Pennsylvania's state regulator did just that on Jan 12. The company had total net assets of $28.4 million at the time of the order.

Click here for a downloadable spreadsheet featuring the data in the chart above, along with the SNL statutory entity keys for each company. |

