Sierra Health Services Inc. said it hired Banc of America Securities to explore the sale, spinoff or management buyout of the managed-care company's workers' compensation business.
The workers' compensation subsidiary, CII Financial, writes insurance policies in nine states and employs about 400 people, primarily in Nevada and California, Sierra said in a statement.
The unit has been profitable, Sierra said. The company said it decided to consider shedding the operation because it no longer fits with Sierra's main business.
archive