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| | Sierra to Sell Some Prime Real Estate
By Robert Warne - January 16, 2003Starting off the new year with some corporate remodeling, Sierra Health Services, Inc., announced Nov. 15 that its not quite sure what its going to do yet with its subsidiary CII Financial, but one thing’s for sure, it’s cluttering the corporation’s feng shui.
Anthony M. Marlon, M.D., Sierra chairman and chief executive officer explained that, “Since its acquisition in October 1995, our workers' compensation company has been profitable on an overall basis but is no longer a core subsidiary.”
For this reason, Sierra has enlisted the services of Banc of America Securities to assist with the custom retrofit that will include either a sale, spin-off or management buyout of CII.
CII is definitely not a one-bedroom operation. Approximately 400 people work for one of CII’s four subsidiaries, but the majority of the employees work for California Indemnity Insurance Company in its Burbank, Pleasanton or Las Vegas offices.
Sierra management believes that CII is an ideal turnkey operation for a company looking to enter the workers’ compensation market.
This would explain why in the near future management doesn’t anticipate any staff reductions.
Even though nothing has happened yet, Sierra must now adjust its 2002 fourth quarter financials to reflect the discontinuation of its workers’ compensation insurance operation.
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