Hawaiʻi recognized as Captive Insurance Domicile of the Year
The State of Hawaiʻi received the 2023 Domicile of the Year Award at the U.S. Captive Review Awards recently held in Burlington, Vermont.
Hawaiʻi received the award in the Greater than $5 billion Gross Written Premium category.
Captive insurance is a regulated form of self-insurance formed by companies to better manage their risk and provide an alternate insurance option for corporate lines of insurance.
In selecting the State of Hawaiʻi, judges looked for:
- excellence in the response of domicile regulators to its captives’ needs, either through regulation, or any other proactive initiatives;
- numbers demonstrating growth in the domicile, in both number of captives and growth in premium; and
- innovations introduced that have had a clear positive outcome, ideally backed by numbers.
“Being recognized as the Captive Insurance Domicile of the Year is an honor for the state’s captive insurance program. Since its establishment as a captive domicile in 1986, the State of Hawaiʻi has consistently provided a ﬂexible, dynamic and stable business environment for captive owners and service providers. Today, Hawaiʻi is recognized as a leading domicile in the United States and the world,” said Gov. Josh Green.
“This award is a testament to the Hawaiʻi Insurance Division and its collaborative industry partners. The division has more than 35 years of experience in the captive industry and a Captive Branch solely dedicated to the oversight and regulation of captive companies licensed in Hawaiʻi. We have government leaders who are committed to the continued growth and success of attracting and keeping local, national and international businesses in Hawaiʻi,” said Insurance Commissioner Gordon I. Ito.
Currently, Hawaiʻi has 263 captive companies from across the U.S. as well as Asia and the Pacific. As of December 31, 2022, Hawaiʻi was ranked as the fifth-largest U.S. captive domicile, and the eighth-largest globally, by number of captive companies licensed.
In addition, in 2022, the Hawaiʻi captives had written premiums of $15.6 billion, which is an increase of $3.3 billion from the previous year and was the largest increase in captive written premiums of all captive domiciles globally in 2022. Industry groups include construction and real estate, health care, telecommunications and manufacturing, retail, financial services, and transportation and energy.
Other award recipients with Hawaiʻi ties include Paul Shimomoto of Goodsill Anderson Quinn & Stifel, Brown & Brown, and Artex Risk Solutions.
Shimomoto was recognized as the Captive Service Professional of the Year, an award granted to the leading individual service provider across the entire United States for their contribution to the captive industry. Shimomoto is a partner with Goodsill Anderson Quinn & Stifel and is also currently the President/Director of the Hawaiʻi Captive Insurance Council, a nonprofit corporation committed to promoting, developing, and maintaining a quality captive insurance industry in the State of Hawaiʻi.
Brown & Brown was recognized as the Captive Consultant of the Year, and Artex Risk Solutions was recognized as Captive Manager of the Year (Greater than $1 billion Gross Written Premium). Both firms have offices in Honolulu, Hawaiʻi.