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Coca-Cola Co. Plans to Seek Approval to Fund Retiree Health Care Benefits Through Its South Carolina-Domiciled Captive Insurance Company
Business Insurance; 
Dec. 1, 2008
Excerpt: In a complex transaction, Coca-Cola would use funds now held in a trust, known as a voluntary employee beneficiary association, to purchase insurance accident and health policies from Prudential Insurance Co. of America. Coca-Cola established the VEBA two years ago, contributing assets of $216 million. In turn, Prudential would reinsure the policies through Red Re Inc., the captive Coca-Cola set up in 2006 in South Carolina. The company now uses Red Re to fund a wide range of risks, including benefit coverages of employees outside the United States.
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