Hawaii licensed 15 new captive insurers in 2014, according to the state’s insurance commissioner Gordon Ito.
Hawaii’s Captive Insurance Branch has also confirmed that it continues to see solid growth and interest in captives from the US 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 US 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 $15.66 billion.
The Captive Insurance Branch has stated that its staff has increased to meet the growing demands of captives in Hawaii, which has enabled the branch to “better serve the industry”.
