Business Services Industry
Las Vegas Company to Sell Workers Compensation Insurance Business.
Knight Ridder/Tribune Business News, November, 2003
Las Vegas Review-Journal Knight Ridder/Tribune Business News
Nov. 26--Sierra Health Services of Las Vegas said Tuesday that it reached an agreement to sell its workers' compensation subsidiary to a subsidiary of White Mountains Insurance Group of Bermuda.
The company valued the sale at $79.5 million.
Folksamerica Holdings Co., a subsidiary of White Mountains, is buying the non-Nevada workers compensation insurance business known as California Indemnity Insurance Co. After the closing, which is expected by March, Sierra will provide administration costs, including claims and medical-related administration, and Folksamerica will reimburse Sierra for those costs.
New policies won't be written, and existing CIIC policies won't be...
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