Hawaii Captive Insurance Experiences Growth in 2023

The number of captive insurance companies in Hawaii rose to 263 at the end of 2023, up from 255 in 2022, the Hawaii Department of Commerce and Consumer Affairs, Insurance Division, Captive Branch, reported in a recently released fact sheet.

Included in Hawaii's 263 captives are 16 risk retention groups and 9 cell captives.

Of those 263 captives, 222 captive owners were in the United States, including 175 in western states, 26 in central states, and 21 in eastern states.

Of the remaining 41 captives, 40 captive owners were in the Asia-Pacific region and 1 was in Europe.

By industry group, the largest number of captive owners—73—were in the construction and real estate field.

Other industry groups operating Hawaii captives included telecommunications and manufacturing with 54 captives, financial services with 42 captives, transportation and energy with 33, retail and other services with 31, and heath care with 28.