Oscar Insurance Corp., the Silicon Valley-backed healthcare startup, continued to lose tens of millions of dollars in the third quarter as the company exits some markets and works to diversify away from its Obamacare business. The New York-based company sells health insurance to individuals in new markets set up by the Affordable Care Act. That follows losses of $83 million in those states during the first six months of this year. Even before the election win by President-elect Donald Trump, who has promised to repeal or amend Obamacare, the company was working to expand the types of insurance it sells while exiting some markets. The rest of the losses stem from high medical costs, said a person familiar with the startup’s finances and who asked not to be identified as the details are not public.

Source: Mint November 17, 2016 10:46 UTC