Hawaii captives hit $14 billion

The Hawaii Captive Insurance Council (HCIC) announced this week that the domicile’s captives closed out 2011 with just over $14 billion in assets.

According to Fay Okamoto, chair and director of the HCIC: “what’s great about this business segment is that we’ve built an internationally competitive industry here in Hawaii that has grown organically, leverages local professional expertise and infrastructure and attracts long-term business to the state.”

Chris Mertes, HCIC president, added: “Hawaii is now facing meaningful competition from multiple domestic domiciles, and as a result, now more than ever, regulatory and legislative innovation and drive from the State are key elements that will assist the captive industry in maintaining its competitive position and grow.”