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Member, Beacon International Group, Ltd.
WASHINGTON—The Labor Department on Thursday gave Microsoft Corp. tentative authorization to fund benefit risks through the Vermont branch of its Bermuda-based captive insurance company.
Redmond, Wash.-based Microsoft wants to use the Vermont branch of Orcas Ltd., its 11-year-old property and liability captive, to reinsure long-term disability policies written by Prudential Insurance Co. of America covering about 55,000 U.S. employees, according to the application filed by the Somerset, N.J., office of Aon Consulting.
Several other captive employee benefit funding proposals, including one filed by beverage giant Coca-Cola Co. of Atlanta, are pending.