Illinois: Land of Lincoln Co-Op *not* among those making a profit yet...
A couple of weeks ago Adam Cancryn reported that several of the 11 remaining ACA-created Co-Ops had actually reported small profits for the first quarter of 2016.
Today, I'm afraid Cancryn says that this is not the case for Land of Lincoln Mutual Health Insurance Co., the Illinois Co-Op...although they are hoping to take advantage of the announcement made just over the weekend which now allows the Co-Ops to seek outside funding:
Land of Lincoln Mutual Health Insurance Co. plans to look for outside investors to boost its financial resources after federal regulators indicated they would loosen funding restrictions on consumer operated and oriented plans.
The Chicago-based co-op said it would take advantage of the new rules in the wake of a $7.1 million first-quarter net loss, according to financial statements filed with the NAIC. That represents a wider net loss than the $5.3 million it recorded in the prior-year period.
Land of Lincoln's total capital surplus also slipped to $22.4 million in the first quarter, from $31.5 million at the end of 2015. Those results met the co-op's financial expectations, considering the difficulties facing companies that participate on state exchanges, President and Interim CEO Jason Montrie said.
In other words, yes, this sucks, but they're on top of it. Keep your fingers crossed...