Progressive Insurance company, oscar, vision, and its CEO to leave over ethics
Progressive Insurance is set to lay off its top executives and its board of directors, as part of a plan to end an eight-year tenure as the country’s biggest insurer, a source with knowledge of the situation told Fox Sports.
The source, who asked not to be identified because the matter is ongoing, said that the company is expected to cut its payroll and cut its total assets by 30 percent.
The source did not say how much that would cost the company.
The news comes as Progressive, the country, and health insurance company Oscar were among a group of companies that have sued President Donald Trump’s administration to block a measure that would prevent insurance companies from blocking or denying coverage to people based on their health.
Progressive said in a statement on Monday that it “takes seriously its obligation to uphold the highest ethical standards and our commitment to providing exceptional care to our patients.”
The move comes as the company has been hit with a series of lawsuits and lawsuits by conservative groups and the Trump administration in recent months over its handling of the opioid crisis, including one that was filed by the president’s former chief of staff.
Progressive said in September that it would close 10 Ohio hospitals where patients are being treated for the virus.
It said it had been in discussions with the government over an extension of its contract with the hospital system, which was due to expire at the end of this month.
The company has long been criticized for not doing enough to prevent and treat the spread of the virus, but the Trump era has brought the issue into the spotlight as well.
Progressive has also been accused of paying a political political ally, the political action committee Americans for Prosperity, millions of dollars in donations to the Trump presidential campaign and the Republican National Committee.
Progressive declined to comment on those allegations.
Earlier this month, the company announced that it was ending its participation in the Republican health care bill that was passed by the House of Representatives and signed into law by Trump in February.
The company said it would instead offer plans that cover all patients regardless of their health status.
The Progressive story has been developing for weeks.
Progressive had been expected to announce the layoffs on Monday, but sources told Fox News that the announcement was delayed until later this week.