Hawaii boosted by new captive formations in 2024

There were 17 new captives formed in Hawaii during 2024, taking the number of captives domiciled in the state to 272 after another strong year of growth.

Of these 17, 16 were new pure captives, with one new cell structure.

The state also had seven pure captives and one cell structure surrender their captive licence last year, as the number of captives in state increased to 272 at the end of 2024, from 263 at the end of 2023.

This growth of +9 is the same as in 2023, but the total number of new formations on 2023, when there were 14.

At the end of 2024 the state had 246 pure captives, 10 cell structures and 16 RRGs/other captives domiciled there.

By industry group of their parents, 77 are in construction/real estate, 54 in telecommunications & manufacturing, 40 in financial services, 37 in transportation/energy, 33 in retail & other services, and 31 in healthcare.

By location of the captive parents, 225 are US-based, with 176 from western states, 27 from central states, and 22 from eastern states.

Of the non-US parents, 46 are based in Asia Pacific, and one is based in Europe.

Looking at cell captives, there was a small drop in number from 37 at year-end 2023, to 35 at the end of 2024 – backing some claims the sizable appetite for cells may have peaked.

There was one new individual cell formed in Hawaii during 2024, with three surrendering their licence. In 2023, Hawaii approved the formation of six new cells, with zero surrenders.

Captive premium figures are not yet available for Hawaii captives, but in 2023 the states captive’s wrote $17.69 billion of gross premium, of which $11.85 billion was reinsured externally.

The captives’ total assets under management in Hawaii in 2023 were $37.29 billion.

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