Oscar Health

Management exited unprofitable small-group lines with Cigna+Oscar, concentrated on core IFP, and is building an ICHRA vector via targeted deals: INSXCloud (enhanced direct enrollment), IHC Specialty Benefits (brokerage) and HealthInsurance.org (education).

These are strategically coherent and relatively small, but they add execution load during a volatile underwriting period. No dividends or buybacks; equity compensation is meaningful. The September 2025 convert adds optionality, though future dilution depends on stock performance and capped calls.

Overall, capital discipline is improving, but the record is short through a full cycle.