Lieutenant Governor Tregenza A. Roach, Esq. announces that the Division of Banking, Insurance, and Financial Regulation has received notice from Optimum Global Insurance Company that it will no longer offer its individual health insurance business in the United States Virgin Islands. Policy holders have already been informed of the company’s action, which became effective December 31, 2025.

Prior to its decision to withdraw its product, Optimum Global submitted a request to the Division of Banking, Insurance, and Financial Regulation for a premium rate increase of 7.5% for their individual medical insurance coverage. After a thorough review, the Division, in consultation with Lieutenant Governor Roach, determined that the company did not provide supporting documentation to justify a premium rate increase based on actual and credible loss and expense statistics pursuant to Title 22 § 53a of the Virgin Islands Code. As a result, the Division recommended and Lieutenant Governor Roach approved a premium rate increase of 4%, taking into consideration medical loss inflation, which was the basis of the company’s rate increase request.

After a little more than three years in the Territory, Optimum Global has as of December 5, 2025, 43 active policies, with coverage affecting a total of 63 lives.  The Company has represented in its Notice the following:

• The exposure on such a small book of business is too great, and the expected large number of members has not materialized.
• It can see no way of growing the book significantly.
• The heavy reporting burden and the $1.25 million capital requirement means the book has been unprofitable for the company.

Thus, following its meeting with Lieutenant Governor Roach and the Division, and despite the granting of a 4% rate increase, Optimum Global made a business determination to withdraw from the Territory, indicating that the approved rate was not sufficient to sustain its operations.

The Division of Banking, Insurance, and Financial Regulation is currently exploring other opportunities for other insurers to underwrite individual health products in the Territory.