The Hawaii Department of Commerce and Consumer Affairs has revealed the domicile licensed 21 new captive insurance companies in 2020.
The Aloha State also saw nine captive insurance closures last year.
Hawaii, which was first established as a captive domicile in 1986, is now home to 242 captives in total.
Of the total, 70 are from the construction and real estate industry, 30 are from the healthcare sector, 50 are from telecommunications and manufacturing, 34 are from the financial services market and 30 are from the transportation and energy sector.
Other industries include retail and other services with 28 captives.
More than half of the captive owners (156) are from the Western US, while 25 are from the Eastern US and 22 are from the Central US.
Hawaii is also home to 39 non-US captive owners, which are from the Asia Pacific.
At the end of 2019, Hawaii had licensed 231 captive insurance companies.
