Evergreen Health Prohibited From Selling or Renewing Insurance

The Baltimore-based health insurer launched in 2012 will soon be liquidated unless a savior (think: investor) comes along. Evergreen Health was established by former Baltimore City Health Commissioner Peter Beilenson and serves some 25,000 Maryland residents. it originally began as a nonprofit and was working to become a for-profit. In an interview Beilenson said his company recently faced a complex set of circumstances including what he called “a crazy formula called risk that caused us to pay our major competitor Care First 28 percent of our revenues.” Last month it was reported that a group of investors has been approved by the Maryland Insurance Administration to acquire the company. Yet these investors withdrew their offer because of “the uncertainty of the marketplace in general.” Bottom Line: Evergreen will not be listed for the open enrollment period that starts November 1, and there’s still a possibility that a new investor will show interest in the brand.