First Insurance Company of Hawaii (FICOH) has acquired Alliance Captive Insurance Services’ client portfolio, a move that will more than double the number of captive insurance companies managed by FICOH subsidiary First Risk Management Services (FiRMS).
“This acquisition is an opportunity for First Insurance to bring its service and expertise to a broader range of clients while supporting the growth of the Hawaii captive insurance domicile,” said Steve Tabussi, First Insurance vice president.
Wanda Jong, who established Alliance Captive Insurance Services in 2005, will continue on as a consultant to FiRMS, Tabussi said.
With the acquisition, FiRMS is positioned to assume the management contracts for five additional captive insurance companies with combined total premiums of approximately $20 million and total assets of approximately $90 million.
There are approximately 180 active captives domiciled in Hawaii, which was established as a captive domicile in 1987. With eight captives, FiRMS will be the largest Hawaii-based captive management company in the state.
