Assurant Health to cut 130 jobs in Wis. and Minn.

MILWAUKEE (AP) - Assurant Health says it will cut 130 jobs at its offices in Milwaukee and Plymouth, Minn., by Oct. 1 as the health insurer prepares for federal health care reform.

The Journal Sentinel reports that companies like Assurant that sell health insurance for individuals and small employers face new regulations, including a requirement that they spend 80 percent of premiums on medical care.

Assurant CEO Don Hamm says in a news release that it's always tough to cut jobs, but the company has to adapt to unprecedented changes in the industry.

The company says that the employees affected by the restructuring will receive severance pay based on their years of service, outplacement support and other benefits.