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Member, Beacon International Group, Ltd.
WASHINGTON—The Labor Department has given final authorization to New York-based Deutsche Bank Americas Holding Corp. to use its Vermont captive to reinsure long-term disability benefits.
Under the arrangement approved last week, MHL Reinsurance Ltd., which was licensed in Vermont in 2005, will reinsure 100% of the LTD risk with a unit of Unum Group.
On a related front, the Labor Department earlier this month gave final approval to Basking Ridge, N.J.-based Verizon Communications Inc.’s application to use its Vermont captive to reinsure group term life insurance coverage written by Prudential Life Insurance Co.