Optimum Global Insurance Company will stop offering individual health insurance coverage in the U.S. Virgin Islands, effective Dec. 31, 2025, according to a press release from the Office of the Lieutenant Governor.
Lt. Gov. Tregenza A. Roach announced that the Division of Banking, Insurance, and Financial Regulation received formal notice from the company that it would withdraw its individual health insurance product from the territory. Policyholders were previously notified of the decision.
Prior to withdrawing, Optimum Global requested a 7.5% premium rate increase for its individual medical insurance plans. After review, the Division, in consultation with Roach, determined the company did not provide sufficient documentation to support the requested increase based on loss and expense data, as required under Title 22 § 53a of the Virgin Islands Code, according to the press release.
The division instead recommended, and Roach approved, a 4% rate increase based on medical loss inflation. The company later indicated that the approved increase was not enough to sustain its operations in the territory, the press release stated.
According to the release, Optimum Global had been operating in the Virgin Islands for just over three years and, as of Dec. 5, 2025, maintained 43 active policies covering 63 individuals. The company cited the limited size of its customer base, an inability to grow enrollment, reporting requirements, and a $1.25 million capital requirement as reasons the business remained unprofitable.
Despite meetings with Roach and the Division and the approval of the 4% rate increase, Optimum Global made a business decision to exit the territory, the release stated.
The Division of Banking, Insurance, and Financial Regulation is exploring opportunities for other insurers to offer individual health insurance products in the U.S. Virgin Islands, according to the release.
