Japanese parent domiciles captive in Hawaii
–30 April 2008
Japanese credit card issuer and acquirer, JCB Co, has selected Hawaii as the home for its new captive insurance subsidiary, PermCore Insurance Co.
“This is another example of the innovative and dynamic use of Hawaii captives, and represents the continuing success of the State’s efforts to maintain a reputable and attractive environment for this specialized kind of business,” said Hawaii Insurance commissioner J. P. Schmidt. “Interest in new captives in Hawai‘i continues to be strong, and Hawaii’s captive industry continues to do a superior job in meeting the dynamic insurance and risk financing needs of businesses in the U.S. and abroad.”
Schmidt issued a license to PermCore on April 1, 2008 to provide reinsurance for several kinds of insurance coverage which JCB provides to its customers.
JCB was established in Japan in 1961 and has maintained a leading position in the Japanese credit card industry by providing superior service - an ability honed in response to the rigorous service requirements of Japanese consumers. There are currently 58.08m members worldwide who use the JCB card, which is accepted by 13.53m merchants in 190 countries and territories. JCB’s annual transaction volume is approximately US$60.9 bn.
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