Hawaiian insurer buys captive manager clients
First Insurance Company of Hawaii has acquired Alliance Captive Insurance Services’ client portfolio.
This will more than double the number of captives managed by its subsidiary First Risk Management Services (FiRMS).
FiRMS will assume the management contracts for five captives with combined premiums and assets of approximately $20m and $90m.
It will become the largest Hawaii-based captive manager in the state, with eight captives.
Wanda Jong who established Alliance Captive Insurance Services in 2005 will continue as a consultant to FiRMS.
“This acquisition is an opportunity for First Insurance to bring its service and expertise to a broader range of clients while supporting the growth of the Hawaii captive insurance domicile,” said Steve Tabussi, First Insurance vice-president.
First Insurance Company of Hawaii is the oldest and largest property and casualty insurer domiciled in Hawaii, with assets of $657.3m, liabilities of $399.7m and policyholders’ surplus of $257.6m as of June 30, 2012. It employs more than 300 insurance professionals and distributes its products through 29 independent general agencies.