MINNEAPOLIS (AP) — Minnesota's largest health insurer is exiting the individual market.

Blue Cross Blue Shield of Minnesota's decision announced late Thursday will affect approximately 103,000 residents who buy coverage through MNsure, with an agent or directly from the company. Blue Cross cited heavy losses in the individual market for their exit.

The company will continue offering a smaller number of plans through a subsidiary. Residents on Blue Cross plans will have to select new coverage for 2017.

Gov. Mark Dayton says his administration will work with people affected by the decision to ensure they can transition to new coverage when their current plans expire.

It's the second major shakeup in Minnesota's individual health care market. PreferredOne stopped selling its plan on MNsure in 2015.