Hawaii celebrates 30 years of captives
David Ige, the Governor of Hawaii, has commemorated the 30th anniversary of the establishment of Hawaii’s captive insurance industry.
Since the legislation was enacted into law on May 29 1986, Hawaii has been ranked fifth in the US for largest captive domiciles and 12th in the world based on total number of active captive licenses.
According to the Governor’s office, Hawaii’s captive insurers in the 2015 fiscal year wrote more than $4.3 billion in premium volume, invested over $1.2 billion in assets through Hawaii banks and financial institutions and generated more than $21.8 million in economic benefits to Hawaii through various taxes and fees, professional services, annual conferences and visitor industry businesses.
There has been continued growth over the past five year with an increase in the total combined asset base from $9.1 billion to $18.8 billion.
“It is an honour for me to celebrate Hawaii Captives’ 30th anniversary. As one of the premier, long-standing US captive domiciles, the Hawaii domicile has demonstrated the continuing success of the state’s commitment to fostering innovation while maintaining a reliable, consistent and business friendly environment,” said Ige.
“Over these 30 years, the Hawaii captive industry has steadily grown to become an important segment of the economic diversification of this state. It has generated over $21 million in annual spending, created locally specialised industry jobs, and complemented our world class hospitality and meeting resources.”
Gordon Ito, Hawaii Insurance Commissioner, added: “The captive insurance market is becoming increasingly competitive with additional domiciles vying for the attention of companies.
“With Hawaii Captive Branch’s team of experts, dedication and efficiency, we are able to continually attract captive owners from the US and abroad that want to leverage our expertise to help them achieve their risk management objectives.
“We look forward to celebrating this achievement of Hawaii Captives: 30 years of Experience and Aloha with our captive owners and business partners whom have been crucial in this success for Hawaii and continuing this important partnership for many more years to come.”
Mike Owens of Marriott International Risk Management commented: “We have had captive operations in Hawaii for over 25 years. The key for us in choosing and remaining in Hawaii as our captive domicile has been the experience, expertise and flexibility of the regulatory environment and service provider infrastructure.
“As a global hotel management company, Marriott’s risks are frequently changing and our captive plays an important role in our overall risk management strategy.”