Insurance company for Maine small businesses to close
An employee-owned health insurance nonprofit founded in 2011 to allow small Maine companies to better control health insurance costs is shutting at year-end.
The Portland Press Herald reported that MaineSense, which allowed the companies to pool their resources, is closing because high claim frequency made the operation unsustainable. Joe Edwards, president of the Maine Wellness Association, which created the program, told the Press Herald that the organization had higher frequency and larger claims than it could have predicted.
The number of companies that were members or the number of covered employees were not reported because that information is confidential under Maine law, the paper reported.
MaineSense was the country’s first group health insurance captive, a type of insurance company that is more common for general liability and workers’ compensation insurance, the Press Herald reported.
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