(Bloomberg) — Aetna Inc. is quitting Virginia’s Affordable Care Act public exchange program for 2018, the second state that Chief Executive Officer Mark Bertolini is exiting as he seeks to limit his insurer’s risks from the beleaguered health law.
“We will not offer on-or off-exchange individual plans in Virginia,” Aetna said in an emailed statement, citing $200 million or more in losses the company anticipates this year on individual products. The insurer also cited “growing uncertainty in the marketplace” for the plans.
UnitedHealth Group Inc., which has largely stopped selling ACA exchange health plans, said last month it was pulling out of Virginia. Also in April, Aetna said it wouldn’t sell plans on Iowa’s exchange next year.
With Aetna’s Virginia exit, the insurer will only be in Delaware and Nebraska next year, if it doesn’t leave those too.