HAWAII GREENLIGHTS CAPTIVE

Hawaii Governor Benjamin Cayetan approved 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, a publicly traded entity. To date, Hawaii has licensed 96 captive insurance companies, which by the end of 2000 had nearly $1.6 billion in total assets, authored $264 million in premiums, and maintained $275 million in investments through local Hawaiian financial institutions.