Post by Logan on Jun 30, 2016 20:35:04 GMT -6
HONOLULU — Hawaii Governor David Y. Ige today commemorated the thirtieth (30th) year anniversary of the establishment of Hawaii’s captive insurance industry. Since enabling legislation was enacted into law on May 29, 1986, Hawaii has positioned itself as a leader in the captive insurance marketplace at the international level.
Hawaii is ranked fifth in the U.S. for largest captive domiciles and 12th in the world based on total number of active captive licenses. In fiscal year 2015, Hawaii’s captive insurers wrote more than $4.34 billion in premium volume, invested over $1.26 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. Over the past five years, there has been continued growth with an increase in the total combined asset base from $9.14 billion to $18.83 billion.
“It is an honor for me to celebrate Hawaii Captives’ 30th anniversary. As one of the premier, long-standing U.S. 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 Governor 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 specialized industry jobs, and complemented our world class hospitality and meeting resources.”
Captive insurance is a regulated form of self-insurance formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability.
Read more: www.hawaiifreepress.com/ArticlesMain/tabid/56/ID/17754/Ige-Captive-Insurance-Shunts-126B-to-Local-Bankers.aspx
Hawaii is ranked fifth in the U.S. for largest captive domiciles and 12th in the world based on total number of active captive licenses. In fiscal year 2015, Hawaii’s captive insurers wrote more than $4.34 billion in premium volume, invested over $1.26 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. Over the past five years, there has been continued growth with an increase in the total combined asset base from $9.14 billion to $18.83 billion.
“It is an honor for me to celebrate Hawaii Captives’ 30th anniversary. As one of the premier, long-standing U.S. 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 Governor 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 specialized industry jobs, and complemented our world class hospitality and meeting resources.”
Captive insurance is a regulated form of self-insurance formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability.
Read more: www.hawaiifreepress.com/ArticlesMain/tabid/56/ID/17754/Ige-Captive-Insurance-Shunts-126B-to-Local-Bankers.aspx