Affordable Care Act

Evergreen to be wound down by state unless new buyer steps forward

Evergreen to be wound down by state unless new buyer steps forward

Evergreen Health will be wound down by the state insurance administration and ultimately close unless another investor or buyer steps forward.

A group of investors that had planned to acquire the struggling insurance firm said late Wednesday that they were backing out of the deal.

Without the needed influx of cash, the financially unstable Evergreen will be forced into the state’s receivership program, in which a court-appointed receiver takes over operations of the business until another buyer is found or it no longer has any claims to pay out, said Maryland Insurance Commissioner Al Redmer Jr.

Redmer said he will ask a Baltimore City court to appoint a receiver in...

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