The majority of the $52 million is made up of a $40 million loss on underwriting. BCBS of Rhode Island lost less than $2 million on underwriting during the same period in 2015.
In addition, between Jan. 1 and June 30, BCBS of Rhode Island’s net reserves decreased 21.4 percent, from $294 million in January to $231 million in June.
Numerous executives have also recently left the organization. President and CEO Peter Andruszkiewicz retired May 1 and was replaced by Kim Keck, a former senior vice president at Hartford, Conn.-based Aetna, in June. CFO Michael Hudson abruptly departed and was replaced by Mark Stewart, according to the report.
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