Oregon-based CWS redomiciles captive from Hawaii to Arizona

Clean Water Services, a water resources management utility in Oregon, has announced that its board has approve re-domesticating Clean Water Insurance Company (CWIC), its captive insurance company, from Hawaii to Arizona.

The board authorised the formation of CWIC on February 16, 2016, to manage the financing of various risk in a cost-effective manner through reduced premiums and self-management of claims within the retentions to achieve maximum cost-savings opportunities.

However, the board has now voted 4-0 to relocate CWIC to Arizona, a move that came after a number of reports in the media about insurance company executives taking visits to Hawaii and staying in five-star resorts.

Earlier this year CWS expedited a domicile review of CWIC by Aon, acting as a third-party consultant. The results identified Arizona as the highest-scoring option.

The board announced that the move will take place by December 31, 2026.

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