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November 16, 2009

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Nevada insurer seeks commercial business

Thursday, Feb. 13, 2003 | 9:50 a.m.

Having met its goals last year, health insurance giant PacifiCare Health Systems Inc. expects commercial enrollment to grow this year as it continues to cut back the company's dependence on Medicare health plans.

During a conference call with reporters following the release of the company's fourth-quarter financial results, Chief Executive Howard Phanstiel said enrollment in commercial health plans will grow by 4 percent in 2003, net of the loss of one of the nation's largest pension plans as a client. CalPERS' decision last year to drop PacifiCare as a health-plan provider caused the loss of about 180,000 members.

Higher premiums helped California-based PacifiCare -- a big insurer in Nevada -- swing to a fourth-quarter profit of $37 million, or $1 a share, up from a loss last year of $26 million, or 77 cents a share.

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