SYRACUSE, N.Y. — POMCO Group announced it has cut an additional 35 jobs in a business unit the firm had created under a contract with Health Republic Insurance of New York, which insurance regulators shut down in late 2015.
Syracuse–based POMCO released a statement about the staff reductions on Monday.
“As the wind down of the Health Republic Insurance of New York (Health Republic) business continues, an additional 35 positions were eliminated today. These staff reductions are related to the previously announced response to the Health Republic shutdown. Services related to the wind down of Health Republic will continue during the first half of this year with some remaining staff changes during that time,” the company said.
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POMCO Group is a third-party administrator of self-funded health-care and risk-management plans.
Health Republic was one of the Affordable Care Act’s consumer-operated and oriented plans (co-ops), which are private, member-governed health-insurance companies. Like many other co-ops, Health Republic failed under the weight of financial losses.
POMCO has eliminated “approximately 100 positions related to the Health Republic business” since September, the Syracuse company told BJNN in an email on Monday.
POMCO first announced the initial cut of 50 positions from the Health Republic business unit in a statement issued on Oct. 9.
Contact Reinhardt at ereinhardt@cnybj.com
