Hawaii licensed eight new captive insurance companies in 2018, according to statistics from the Hawaii Captive Insurance Council (HCIC).
HCIC’s year-end 2018 statistics revealed the number of new licences dropped last year in comparison to 2017 when there were 17 new captives licensed.
Hawaii’s reduced growth is in accordance with the majority of the global captive market, with many other domiciles reporting a similar drop in formations.
Five of the new captives licensed were pure captives, one was a reinsurance or excess insurance captive, one was a sponsored captive, and one was a risk retention group.
HCIC’s statistics show that as of 31 December 2018, there were a total of 231 captives domiciled in Hawaii, of which 201 were US-owned and 30 were Asia Pacific-owned.
Of the 231 captives, 67 served the construction and real estate industry, 43 served telecommunications and manufacturing, 35 served financial services, 31 served health care, 29 served transportation and energy, and 27 served retail and other services.
