Colorado

Jan 20, 2010 2:13 PM by Associated Press

Gov. Ritter studies worker comp insurer sale

Gov. Bill Ritter's chief counsel says the governor is meeting with an investment banker to study the possible sale of the state's interest in Pinnacol Assurance, a state-chartered workers compensation insurer.

Chief counsel Trey Rogers said Wednesday that Ritter hasn't decided whether the state should sell its share but agreed to meet with J.P. Morgan to determine what the stake is worth.

Rogers said 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, which has more than $2 billion in assets.

Pinnacol is the state's workers compensation insurer of last resort. 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.

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