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With chatter about the next market turn heating up, it’s a good time to explore the potential impact on program business—to see if there could be a replay of the gut-wrenching turmoil that left some program administrators (PA) out in the cold during the last soft-to-hard transition.

Just how rough was the last such turn? NU’s June 12, 2002 edition, displaying an image of a PA wearing a sandwich board that said “Markets Wanted For Program Business,” told the story of bankrupted program carriers—and some that abruptly exited the business—leaving PAs desperately searching for new markets.

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