News Release: Hawaii’s Captive Insurance Market Continues Solid GrowthPosted on Jan 29, 2015 in News Releases
DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
DAVID Y. IGE
CATHERINE P. AWAKUNI COLóN
FOR IMMEDIATE RELEASE
Jan. 29, 2015
HAWAII’S CAPTIVE INSURANCE MARKET CONTINUES SOLID GROWTH
15 New Captive Insurers Licensed in 2014
HONOLULU — Hawaii Insurance Commissioner Gordon Ito announced today that Hawaii licensed 15 new captive insurers in 2014. The state continues to see solid growth and interest in captives from the U.S. and Asia-Pacific region.
“The captive insurance market is becoming increasingly competitive with additional domiciles vying for the attention of companies,” said Ito. “Hawaii continues to attract owners that want an experienced and business-friendly captive environment with a strategic location in the middle of the Pacific.”
Hawaii is ranked fourth in the U.S. for largest captive domiciles and 11th in the world based on total number of active captive licenses. In fiscal year 2013-2014, Hawaii’s captive insurers wrote more than $2.85 billion in premium volume and generated more than $20 million in economic benefits to Hawaii through various taxes and fees, professional services, annual conferences and visitor industry businesses.
Since Hawaii’s captive legislation was enacted in May 1986, 290 captive insurers have been licensed. Over the past five years, there has been continued growth with an increase in the total combined asset base from $7.22 billion to $15.662 billion. The Captive Insurance Branch staff has increased to meet the growing demands of captives in Hawaii, and has enabled the branch to better serve the industry.
For more information about the Captive Insurance Branch, please visit www.captiveinsurance.hawaii.gov or call (808) 586-0981.
The Captive Insurance Branch was established to provide dedicated resources to assist the Insurance Commissioner with monitoring, regulation and development of captive insurance companies in Hawaii.
The Hawaii Insurance Division oversees the Hawaii insurance industry; issues licenses; examines the fiscal condition of Hawaii-based companies; reviews rate and policy filings; and investigates insurance related complaints.
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