Business Services Industry
Late News; Energy firm seeks OK for benefits in captive.(AGL Resources Inc., Department of Labor)
Business Insurance, October, 2005
Atlanta-based AGL Resources Inc. is asking the Labor Department for permission to fund benefit risks of its employees through the Hawaii branch of its British Virgin Islands-domiciled captive. The natural gas company wants to use a Hawaii branch of Global Energy Resource Insurance Corp. to reinsure long-term disability, life insurance and accidental death and dismemberment policies written through a unit of Hartford Financial Services Group Inc.
Hartford would retain 20% of the risks. AGL now uses the British Virgin Islands captive to fund a wide range of property and casualty coverages for itself and affiliated companies, producing more than $2.1 million in premiums. The benefit risks would generate about $3 million in premiums. Oxley pledges TRIA will be...
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