BANKING / FINANCE

UniCare Financial Corp., an Irvine holding company for a workers’ compensation underwriter, may be looking for a change in ownership.

The company recently said it has retained the investment banking firm of Smith Barney, Harris Upham & Co. “to explore alternatives to maximize shareholder value.”

UniCare’s president, Russell Leatherby, would not comment further.

Company executives have long thought the firm has been undervalued on Wall Street. Hiring an investment banker to look for ways to increase value, however, often indicates that a sale or management buyout is in the offing.

Leatherby took over as president and assumed more responsibilities this year as the heir apparent to his father, Ralph Leatherby, the company’s chairman and largest stockholder, with a 60% stake.