The Omaha, Nebraska-based branded food manufacturer wants to use its captive, Risk Resources Ltd., to reinsure life insurance and accidental death and dismemberment policies covering about 22,800 employees written by Prudential Insurance Co. of America.

Captive insurers are essentially “in-house” insurance companies designed to cover the assets and risks of its parent company or companies. The services provided by these insurance companies are not available to the public.

ConAgra, which last year had revenue of $12 billion, now uses the captive to fund workers’ compensation risks. Formed in Bermuda in 1981, the captive redomesticated to Arizona last year.

Once it receives final clearance from federal regulators, which is likely, ConAgra would be the third employer this year to obtain Department of Labor approval to fund benefit risks through a captive.

Earlier this year, zipper manufacturer YKK Corp. of America received approval to fund life and accidental death and dismemberment risks through its Vermont captive, while H.J. Heinz Co. received permission to expand its Vermont captive to fund long-term disability policies. In 2006, the Labor Department cleared Heinz to reinsure life insurance policies through its captive.

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

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