The State of Wisconsin on Thursday officially received notice from Assurant Inc. that the company will lay off 1,200 workers in Milwaukee beginning in August.
The New York-based company indicated in April that it would close or sell its Time Insurance Co. subsidiary, including the Assurant Health location at 501 W. Michigan St. in Milwaukee. Earlier this month, it indicated at least 300 employees would be laid off.
The 1,200 employees, part of a 1,700 employee reduction companywide, will be laid off over a period of 18 months beginning on August 14.
Assurant has chosen to exit the health insurance market. It has put some of its business lines and assets up for sale, which could reduce some of the impact if they are acquired. It is planning to sell its supplemental and small group self-funded product lines and certain other assets to National General Holdings Corp.
“The company is committed to treating all employees fairly and with respect during this transitional process,” the company said in its WARN filing with the state.
The company expects to substantially complete its exit of the health insurance market by the end of 2016. It will then sharpen its focus on housing and lifestyle specialty protection offerings.
As part of the wind-down process, Assurant Health stopped selling its individual major medical, small group fully-insured and short-term medical health insurance policies on June 15 and will not participate in open enrollment under the Affordable Care Act for 2016.
The company will meet all claims, benefits, provider payments and agent commission responsibilities during these transitions. There will be no changes to Assurant Health policies or benefits currently in effect. Affected customers began receiving letters from Assurant Health beginning this week. They can learn more at www.assuranthealth.com/nextsteps.