Delivery Firm Seeks OK to Use In-House Insurance Firm for U.S. Benefits
U.S. affiliates of German delivery giant Deutsche Post, including DHL Express, are asking the Labor Department for permission to fund employee benefit risks through the Vermont branch of its in-house insurance company.
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August 20, 2008
Delivery Firm Seeks OK to Use In-House Insurance Firm for U.S. Benefits
U.S. affiliates of German delivery giant Deutsche Post, including DHL
Express, are asking the Labor Department for permission to fund employee benefit
risks through the Vermont branch of a Bermuda insurance company owned by a
Deutsche Post affiliate.
Under the arrangement, the Vermont branch will reinsure long-term disability
policies issued by Prudential Insurance Co. of America. The policies now cover
just fewer than 20,000 participants.
Deutsche Post, which in 2007 had worldwide revenue of about $99 billion and
net income of about $5 billion, currently uses an in-house insurance company
based in Luxembourg and its Bermuda-based in-house insurance firm to fund
various benefit risks of employees outside the United States.
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