Google gets final approval to fund benefit risks through Hawaii captive insurer

WASHINGTON—Google Inc. has received final Labor Department authorization to fund several employee benefit risks through its Hawaii captive insurance company.

The Mountain View, Calif.-based search engine and technology giant will use Imi Assurance Inc. to reinsure life, accidental death and dismemberment, and long-term disability policies written by Prudential Insurance Co. of America.

Imi was licensed by Hawaii regulators in December 2010 and is authorized to write property/casualty coverage.

Google's application, which received final Labor Department approval Wednesday, was filed by George O'Donnell, senior vp with Aon Hewitt in Somerset, N.J.

This year, the Labor Department also approved captive benefit funding plans filed by Redmond, Wash.-based Microsoft Corp. and R+L Carriers Shared Services L.L.C., a Wilmington, Ohio-based freight carrier.

To learn more about other well-known employers that have received approval for captive benefit funding arrangements, click here.