4 hot health-insurer upstarts have gone public this year. Only one is trading up.

  • Four of five closely watched health-insurer upstarts have gone public in 2021.
  • Each went public with big valuations, even though they are all unprofitable.
  • Here’s how they’ve performed in the stock market so far, and how they stack up next to each other.
  • See more stories on Insider’s business page.

It’s been a busy year for health-insurer upstarts as four of five closely watched companies made their stock-market debuts.

Young insurers including Alignment Healthcare, Bright Health Group, and Oscar Health have all gone public in 2021 through initial public offerings. Clover Health went public through a deal with a special purpose acquisition company backed by Chamath Palihapitiya.

Devoted Health, the insurer founded by Todd and Ed Park, remains a private company.

As newly public businesses, the four upstarts are now facing off against industry giants like UnitedHealth Group and Humana for members and investors. They’re betting that technology will help them improve healthcare and attract new customers so they can compete.

Despite giant valuations, none of the upstarts are profitable. And they’ve had mixed performances on the stock market — only Alignment’s stock is up significantly since its IPO. The share prices of Clover and Oscar, meanwhile, have deflated since they went public. Bright’s stock largely has held steady since its IPO last week.

Here’s how four health-insurer upstarts have performed as newly public companies, and how they stack up with each other.

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