22 August 2017Analysis

Hawaii names acting captive administrator

The Hawaii Department of Commerce and Consumer Affairs Insurance Division has appointed Andrew Kurata as its acting captive insurance administrator.

Kurata has been with the Insurance Division since 2011 as a captive insurance examiner and captive insurance programme specialist, and replaces Sanford Saito, who has transitioned to the private sector.

Prior to this, Kurata worked in the audit department at certified public accounting firm KMH.

The Insurance Division also consists of governor David Ige, director Catherine Awakuni Colón and insurance commissioner Gordon Ito.

“The Captive Insurance Branch’s team of experienced, dedicated staff has and will continue to provide a stable, committed and business-friendly environment which makes Hawaii one of the premiere domiciles in the world,” said Ito. “We also want to thank Sanford Saito for his leadership and wish him well with his future endeavors.”

Hawaii's total number of captives has grown to 223, with 20 new captives in 2017 so far.

"We hope by the end of the year, we break the record of the most newly admitted captives in a single year in Hawaii,” added Ito.

In 2016, Hawaii's captive insurers wrote more than $6.22 billion in premium volume, invested nearly $1.05 billion in assets through Hawaii financial institutions and generated approximately $23 million in economic benefits to Hawaii through various taxes and fees, professional services, annual conferences and visitor industry businesses.