Hawaii captives head

A NEW head of captives in Hawaii steps into the role tomorrow. The state is the second-largest captive domicile in the US, and new the captives administrator, George Sumner, will also serve as deputy insurance commissioner for the Hawaii Insurance Division, starting both roles tomorrow. As well as being the second-largest captive domicile in the US, Hawaii is the ninth-largest in the world in terms of numbers of licensed companies and fifth in the world measured by assets. A total of 220 captives have been licensed in the state and 165 captives have active licences boasting combined capital assets of more than $7bn. Sumner is the former leader of the captive insurance team at the Bank of Hawaii where he oversaw the number of accounts grow to 90 from 36 in nine years, while assets and deposits increased more than six-fold.