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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.

  • August 20, 2008
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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.

Filed by Jerry Geisel of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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