Hawaii licensed 19 new captive insurance companies in 2015, according to deputy commissioner and captive insurance administrator, Sanford Saito.
The 19 captives included 18 pure captives and one risk retention group. Hawaii licensed 15 captives in 2014
Saito also revealed that 16 captives retired their certificates, bringing the net total of captives at year-end 2015 to 197.
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.
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 at year-end 2014.
