28 January 2019Analysis

Hawaii licensed eight captives in 2018

Hawaii licensed eight new captive insurance companies in 2018, according to statistics from the Insurance Division of the state Department of Commerce & Consumer Affairs.

The new captives include Alpine Transportation Insurance RRG, Bering Straits Assurance, Global Captive Insurance Corporation, Go Re, Ho`o Mau Assurance, NF Insurance Company, NTT Reinsurance, Valley Children's Insurance Company.

As of December 31, 2018, Hawaii now has 231 active captive insurance companies.

200 of the captive owners are based in the US, with 153 in the west, 26 in the east and 22 based in the centre.

Of the non-US owners with captives in Hawaii, 30 are based in Asia Pacific.

The majority of captive owners by industry group come from the construction and real estate sectors (67). This is followed by telecommunications and manufacturing (43), financial services (35), healthcare (31), transportation and energy (28), and retail and other services (27).

Permitted coverages in Hawaii include property/casualty, workers' compensation, the securitisation of insurance risks, and other lines as allowed by the Hawaii commissioner.