Hawaii Governor Benjamin Cayetan gave his okay to the recent incorporation and licensure of Heiwa Insurance Inc., the state’s first captive insurance company which is directly owned by a Japanese corporation and insures risks situated in Japan.
Licensed on March 30, 2001, Heiwa Insurance Inc. is owned by Heiwa Corporation of Japan. The corporation’s stock is publicly traded in Japan and the country’s biggest developer and manufacturer of pachinko machine systems, a popular electronic amusement game with an estimated following of more than 18 million people in Japan.
Up to now, the state has licensed 96 captive insurance companies. At the conclusion of 2000, Hawaii captives had nearly $1.6 billion in total assets, authored $264 million premiums, and maintained $275 million in investments through local Hawaii financial institutions.