Maine-based Community Health Options is exiting the New Hampshire exchange business to concentrate on its core market in Maine.
Exchange market health coverage from the insurer will no longer be available in New Hampshire for the 2017 plan year.
Open enrollment begins Nov. 1.
"This decision allows Health Options to strengthen its capital position in its dominant market and rebuild its reserves to accommodate future growth," the insurer said in a released statement at www.healthoptions.org.
[Also: Maine Community Health Options, the only profitable co-op in 2014, posts major losses]
The federal government established nonprofit co-ops in 23 states, including Maine. More than half have failed. Community Health Options will continue to operate in Maine, but enrollment in its individual plans is currently frozen, and the co-op has requested an average rate increase of 22.8 percent for 2017, according to healthinsurance.org.
Its exit has been approved by the New Hampshire Insurance Department, the Maine Bureau of Insurance, which has regulatory authority over Health Options, and the Centers for Medicare and Medicaid Services.
New Hampshire's existing individual policies will remain in effect through the end of their policy terms on December 31, 2016.
Small and large group policies will remain in effect until their renewal date.
[Also: Seven remaining Obamacare co-ops prepare survival strategies]
Community Health Options is the latest insurer to withdraw from the exchange market citing financial losses.
It drew attention two years ago as the only Affordable Care Act co-op to be making money from its exchange products, reporting a net income of $7.3 million in 2014.
However, earlier this year, the Maine Bureau of Insurance said it was closely monitoring Community Health Options because it posted a net loss of $74 million for 2015 and 2016. Blame was placed on the high cost of claims from enrollees sicker than predicted, and premium rates that did not cover expenses.
Harvard Pilgrim Health Care remains in the exchange business in New Hampshire, as well as in Maine and Massachusetts. In New Hampshire, Harvard Pilgrim partnered with three state providers, including Dartmouth-Hitchcock Medical Center, to create the population health company, Benevera.
Twitter: @SusanJMorse