Sierra to Announce CII Suitor Within Weeks By Robert Warne - October 23, 2003
An announcement regarding the future of CII Financial, the work comp subsidiary of Sierra Health may be just around the corner the company alluded in statements related to its third quarter results.
The Las Vegas-based company announced in January that since its acquisition in 1995 CII and its subsidiaries had been profitable on an overall basis but the workers’ compensation operation was no longer a core subsidiary.
CII has been reported as a discontinued operation since the fourth quarter of 2002, but it did contribute $30,000 to Sierra’s bottom line this past quarter.
“Sierra Health hopes to announce its plans for the subsidiary within a few weeks,” Peter O’Neill, vice president of public and investor relations for Sierra said in a statement released Oct. 23.
Sierra maintains that management would either buyout CII, or it would be sold or spun off.
Approximately 400 people work for one of CII’s four subsidiaries, but the majority of the employees work for California Indemnity Insurance Co. in its Burbank, Pleasanton or Las Vegas offices.
Adjuster / Examiner Claims Examiner Santa Ana Unified School District Santa Ana, CA
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