Assurant Health announced reductions in its workforce at various locations, including its Milwaukee headquarters, as it gets ready for health care reform under the Patient Protection and Affordable Care Act.
The reductions are expected to be completed by mid-January 2011, according to papers filed with the Securities and Exchange Commission by Assurant Inc., New York, the company's parent.
The reductions in personnel are part of a company effort to reduce operating costs and streamline its organizational structure "to prepare for significant changes in the post-reform health insurance marketplace," the company stated.
Assurant estimates that severance and outplacement costs of the reductions would result in after-tax charges to Assurant Health's net operating income of around $5.5 million for the third quarter and $1.3 million for the fourth quarter.
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