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WASHINGTONConAgra Foods Inc. has received final approval from the Labor Department to fund employee benefit risks through its Arizona-domiciled captive insurance company.
ConAgra, the Omaha-Neb.-based branded food manufacturer, will use its captiveRisk Resources Ltd.to reinsure life insurance and accidental death and dismemberment policies covering about 22,800 employees written by Prudential Insurance Co. of America.
ConAgra, which last year had revenues of $12 billion, now uses Risk Resources to fund workers compensation risks. The captive was redomesticated to Arizona late last year from Bermuda, where it was incorporated in 1981.
ConAgra is the third employer this year to obtain Department of Labor approval to fund benefit risks through a captive. Earlier this year, zipper manufacturer YKK Corp. of America received approval to fund life insurance and accidental death and dismemberment risks through its Vermont captive, while H.J. Heinz Co. received permission to expand its Vermont captive to fund long-term disability policies. In 2006, the Labor Department cleared Heinz to reinsure life insurance policies through its captive.
In addition, U.S. affiliates of German delivery giant Deutsche Post AG, including DHL Express, are awaiting final authorization to fund employee benefit risks through the Vermont branch of a Bermuda captive owned by a Deutsche Post affiliate.