The former captive administrator for the captive insurance domicile of Hawaii, Craig M. Watanabe, has joined personal and commercial lines insurer DTRIC as the company's chief financial officer, DTRIC announced.

As former deputy insurance commissioner and captive insurance administrator for the Hawaii Insurance Division, Mr. Watanabe was instrumental in developing the regulatory infrastructure that made Hawaii a top jurisdiction globally for captives. Recently Hawaii has been the domicile of choice in the U.S. for Japanese and Pacific Rim captive companies.

Mr. Watanabe said Judy Nako, formerly chief examiner for the captive unit, is now acting captive administrator.

Discussing his return to the private sector Mr. Watanabe said, "It's a little different on this side. I'm back in accounting again, in charge of the cash and treasury operations, accounting, and the general ledger and financial reporting side."

DTRIC doesn't have a captive operation yet, he said, noting that his captive background will help with the company's strategic planning.

Mr. Watanabe said the Hawaii state government recently met, and like many other states is discussing budget cuts, which could make this an ideal time to move into the private sector.

DTRIC, a domestic Hawaii company writing $40-to-$50 million annually, was set up in 1992. The company writes personal auto and has since expanded into commercial lines, he said. The insurer was part owned by a Japanese insurance company, called Dai-Tokyo Fire and Marine Insurance Company, which merged with Chiyoda Fire and Marine to form Aioi Insurance Company. Aioi is now DTRIC's biggest owner, he explained.

Another merger is expected in the future, he said.

Mr. Watanabe has more than 25 years of experience in the insurance and public accounting industries. He previously worked in the private sector managing captive insurance companies for local and multinational organizations, internal audit and underwriting for national property and casualty insurance companies, and independent audit for an international public accounting firm.

In addition to his many career achievements, Mr. Watanabe is also a Certified Public Accountant and a member and board director of the Hawaii Society of Certified Public Accountants. He is a member of the American Institute of Certified Public Accountants, and received its 2006 national award for outstanding CPA in state government, DTRIC said.

Special Reports /

Watanabe Joins DTRIC As CFO, Leaves Hawaii Captive Dept.

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