From Bloomberg:
UnitedHealth will “watch and see” how the exchanges evolve and expects the first enrollees will have “a pent-up appetite” for medical care, Hemsley said. “We are approaching them with some degree of caution because of that.”
An interpretation from Think Progress:
Get that? The company packed its bags and dumped its beneficiaries because it wants its competitors to swallow the first wave of sicker enrollees only to re-enter the market later and profit from the healthy people who still haven’t signed up for coverage.
Cheap Talk 
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November 6, 2013 at 8:40 am
George N. Wells
The insurance companies are making a risky bet. The PPACA does require the companies to pay out benefits and if they don’t meet the percentage targets, send checks back to the policy holders. The assumption that there will be an initial flood of claims isn’t likely to happen and the big companies could be forced into writing out lots of rebate checks in early 2015.
November 6, 2013 at 8:50 am
Dan Kervick
Well, that’s a market decision isn’t it? The administration assured us ACA was the way to go because it was a market-based approach to health care reform.