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NU Online News Service, March 2, 1:18 p.m. EST
Strategic Risk Solutions (SRS) said it is expanding into Hawaii with the hiring of Judy Nako, former acting deputy commissioner and captive insurance administrator for the state.
Ms. Nako worked for Hawaii’s captive insurance branch for eight years and has 17 years of experience working with insurance companies in Hawaii.
Brady Young, president of Strategic Risk Solutions, told National Underwriter that the captive management and consulting firm is “thrilled to have Judy on the team. We’ve known her a long time, have a lot of respect, and we’re pleased she wanted to be part of the firm.”
He added that while Ms. Nako has expertise that will be used throughout the firm, “We’re also bullish on Hawaii. Hawaii has never been a flash in the pan or a domicile with a lot of peaks and valleys.” He said the domicile’s growth has always proved to be steady and stable.
Hawaii is the second largest captive domicile in the U.S., next to Vermont, and one of the oldest. It first introduced its captive legislation in 1987 and at the end of 2009 had 162 active captives.
It has been a natural choice for organizations in the Pacific Rim and also attracts some West Coast companies, Mr. Young said.
“Our view of the market is that it will continue to grow over time, so we’ll see opportunities from growth,” Mr. Young explained. He noted there are other opportunities as well, such as a number of captives domiciled there “that may want to re-evaluate their management decision. If they do, we’ve got a good story to tell.”
He said that within the last year SRS assumed management of three existing captive companies in Hawaii, “and that was without having a local office or anybody on the ground there.”
Ms. Nako, he said, will not only be able to help with existing clients but also with overall growth in Hawaii and elsewhere.
Concord, Mass.-based SRS said activities in Hawaii will be overseen by Ann Wick, president of the SRS Western Division.
The company currently manages its Hawaii-domiciled captives from its Arizona office. “This is a natural progression for us in supporting our growing list of clients in Hawaii,” Ms. Wick said. In 2007 SRS launched its western region operations. SRS said it has seen steady growth and now manages captives in Arizona, Utah and Nevada, in addition to Hawaii.
George Sumner, captive insurance administrator and deputy commissioner for the State of Hawaii, said in a statement: “We are pleased to welcome Strategic Risk Solutions to Hawaii. This expansion shows the strength of Hawaii as a captive domicile. Judy Nako has been a tremendous supporter of the Hawaii captive community, and we wish her every success at Strategic Risk Solutions.”