"I think without question, many Blues [plans] came into [public exchanges] with certainly the intent...

...or the capability of absorbing losses because going back to 2013, coming into 2014, I would say the Blues were collectively probably in the strongest position they've been in from a capital strength standpoint, so they were willing to allocate capital to support growth in this environment and over a period of time. But...a couple of years in, I think a few of them, particularly Health Care Service Corp., which has certainly not done well in the exchange, is probably thinking more strongly about, 'we've got to make some modifications here.' And they're going to take a stronger line with regard to, 'this is what we need in this segment to be sustainable. If we're not going to get it, we're exiting.'"

— Joe Marinucci, senior director at the ratings firm Standard & Poor's, told The AIS Report on Blue Cross and Blue Shield Plans*.