Microsoft Seeks To Expand Benefit Risks
The Microsoft Corp. is seeking US Labour Department approval to expand the benefit risks funded through an American branch of its Bermuda captive.
Microsoft, based in Washington State, wants to use the Vermont subsidiary of its captive, Bermuda-based Orcas Ltd., to reinsure life insurance and accidental death and dismemberment policies written by Prudential Insurance Co. of America Inc.
The additional coverage would affect about 54,000 US employees, according to an application submitted last week.
In 2009, the Labour Department approved an arrangement in which the Vermont branch captive reinsured long-term disability coverage, also written by Prudential.
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