Pinnacol Assurance is worth as much as $374 million to the state, the Denver Post is reporting.

That value, figured according to an an Morgan Stanley analysis, is nearly twice the amount the state-chartered workers’ compensation insurance fund offered the state under a proposal that would grant the quasi-governmental agency nearly full autonomy.

Pinnacol officials made the offer last month to Gov. Bill Ritter’s administration, agreeing at the time to pay Morgan Stanley to evaluate the proposal on the state’s behalf.

The financial services firm would receive at least $2 million of any deal, which would need legislative approval.

Ritter officials said the Democratic governor had not taken a position on the analysis.

Pinnacol officials also said they were looking over the Morgan Stanley analysis.

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