Hawaii’s captive insurance industry grows
–21 February 2008
Hawaii’s captive insurance industry grew by a further 10 companies last year, bringing to 212 the total number doing business in Hawaii since the programme was first established there in 1986.
Hawaii, the second-largest US state, is the world’s fifth-largest venue for captive insurance based on combined capital assets of the captive companies, according to the Hawaii Department of Commerce and Consumer Affairs.
According to the DCCA, the industry invests $1.1 billion through Hawaii financial institutions annually, spends about $16 million in the state, and employs approximately 100 full-time specialists in accounting, management, legal, insurance consulting, and banking and investment management .
Captive insurance refers to a company that insures itself through a wholly owned subsidiary instead of using an outside firm.
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