Heinz captive to reinsure term life.(H.J. Heinz Co.)(Brief article)

Business Insurance,  September, 2006  by Geisel, Jerry

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Byline: Jerry Geisel Consumer food products manufacturer H.J. Heinz Co. has received final U.S. Labor Department approval to fund employee benefit risks through its Vermont captive. Pittsburgh-based Heinz will use its Vermont captive, Heinz-Noble Inc., to reinsure group term life insurance policies written by Minnesota Life Insurance Co.

The transaction will cover about 9,300 individuals, mostly hourly employees and retirees. Heinz, which in 2005 generated more than $8.9 billion in revenues, has about 41,100 employees worldwide, including more than 10,000 in the United ...

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