JCB Co. Ltd., a global payment brand and lcredit card issuer and acquirer in Japan, recently selected Hawaii as the home for its new captive insurance subsidiary, PermCore Insurance Co. Ltd.
Commissioner J.P. Schmidt issued a license to PermCore on April 1, 2008, to provide reinsurance for several kinds of insurance coverage that JCB provides to its customers.
JCB was established in Japan in 1961 and has maintained a leading position in the Japanese credit card industry. There are currently 58.08 million members worldwide who use the JCB card, which is accepted by 13.53 million merchants in 190 countries and territories. JCB’s annual transaction volume is approximately $60.9 billion.
Since Hawaii’s captive law was enacted in 1986, the state has issued more than 200 captive licenses, of which 164 are active today. For 2007, Hawaii’s captive industry had estimated total combined assets of $6.5 billion, of which approximately $1.2 billion was invested in or through Hawaii-based financial institutions, the state Insurance Division said.
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