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• 1/16/2012, Business Insurance Article – Google
• 1/18/2012, Business Insurance Article – Microsoft

Google Receives Approval

WASHINGTON–Google Inc. has received tentative Labor Department authorization to fund several benefit risks through its Hawaii captive insurance company.The Mountain View, Calif.-based search engine and technology giant wants to 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 and casualty coverage.

Google’s application, which received tentative Labor Department approval last week, was filed by George O’Donnell, senior vp with Aon Hewitt in Somerset, N.J.

Google’s application comes amid a rise in activity in the captive benefits funding arena.

Microsoft Receives Approval

WASHINGTON–The Labor Department has given Microsoft Corp. final authorization to expand benefit risks funded through the software giant’s captive.

Redmond, Wash.-based Microsoft will use the Vermont branch of its Bermuda-based captive, Orcas Ltd., to reinsure life insurance and accidental death and dismemberment policies written by Prudential Insurance Co. of America Inc.

The additional coverage that received final Labor Department authorization Wednesday will affect about 54,000 U.S. employees, according to an application submitted in October also by O’Donnell of Aon Hewitt.

In 2009, the Labor Department approved an arrangement in which Microsoft’s Vermont branch captive reinsured long-term disability coverage, also written by Prudential.

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