Moda raises $115M more in capital

The insurance carrier announced the sale of two dental entities and the Moda Plaza in Milwaukie, along with the securitization of risk corridor expenses to an outside firm.

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Along with a $50 million sale of a surplus note to Moda Inc. last November, the total capital raised comes to about $165 million.

This increased capitalization of our health plan positions us to refocus our efforts,” Moda Inc. President and CEO Robert Gootee said in a statement. “Our diverse product portfolio, both for groups and individuals, is now well supported by a capital base that allows us to continue to recover from the unanticipated shortfall in risk corridor payments announced by (the Centers for Medicare & Medicaid Services) last fall.”

(READ MORE: Portland Business Journal)

In related news, LifeWise insurance company announced in April that it will leave the market by the end of this year.

RELATED NEWS: OHSU to help launch a $50M health-ed center in Klamath Falls.