Business Services Industry
Captive benefits plan gets boost; But rating upgrade means SCA [Svenska Cellulosa Aktiebolaget] proposal won't be test case.
Business Insurance, January, 2004
Byline: JERRY GEISEL WASHINGTON-The rating upgrade of an Aetna Inc. unit bolsters a Swedish company's bid to fund benefit risks of U.S. employees through its captive, but it also likely eliminates the potential for a groundbreaking regulatory ruling. Svenska Cellulosa Aktiebolaget, a paper, packaging and consumer products company based in Stockholm, last month asked the Labor Department for approval to use the U.S.
Virgin Islands branch of its 13-year-old Ireland-based captive, SCA Re, to fund U.S. benefit-related risks. As proposed, SCA Re would reinsure life insurance, accidental death and dismemberment policies and long-term disability policies written by Aetna Life Insurance Co. for SCA's U.S. employees (BI, Jan. 12). If approved, SCA would join...
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