Colo governor studies sale of workers comp insurer
January 20, 2010
DENVER (AP) – Colorado Gov. Bill Ritter’s chief counsel says the governor has hired an investment banker to study the possible sale of the state’s interest in Pinnacol Assurance, a state-chartered workers compensation insurer.
Trey Rogers, the attorney, says Ritter hasn’t decided whether the state should sell its share but hired J.P. Morgan to determine what the stake is worth.
Rogers says Pinnacol has agreed to pay J.P. Morgan’s fees, which haven’t been determined.
The Legislature would have to approve any sale of Pinnacol.
The company came under fire last year following complaints that money that could have been used to help injured workers was instead spent on bonuses, employee perks and entertainment.