Coca-Cola is seeking approval to use Red Re. to reinsure life insurance and accidental death and dismemberment policies written by Metropolitan Life Insurance Co.
The Atlanta-based company has asked the US Department of Labor for approval to develop the use of its South Carolina captive insurance company to fund additional benefits risks.
At the moment Coca-Cola, uses Red Re, one of three Coca-Cola captives, for a wide range of risks, including reinsuring fronting insurers used to provide international benefit coverages.
In March of this year, the company demonstrated similar innovation in funding benefits through a captive, using its Dublin-based captive insurer to fund benefits earned by pension plan participants in the United Kingdom and Ireland.