Moda raises $115M more in capital
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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.
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.