NU Online News Service, Jan. 20, 12:25 p.m. EST
Strategic Risk Solutions (SRS) today announced that Craig Watanabe has joined the firm as regional manager for Hawaii.
In this role he will oversee the firm's operations in Hawaii and provide support to SRS clients in other captive domiciles. Mr. Watanabe is the former Deputy Insurance Commissioner and Captive Insurance Administrator for the State of Hawaii, a position he held for 10 years.
Mr. Watanabe announced his departure from the Hawaii captive department in February 2009 to join personal and commercial lines insurer DTRIC as the company's chief financial officer.
In the Hawaii captive 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.
Hawaii captive laws were passed in 1986.
Mr. Watanabe told NU Online News Service in an e-mail today that he expects more Pacific Rim captive formations. "I think it's coming back with the slow rebound of the Asian and U.S. economies," he said, adding that "Hawaii is also hosting a huge financial summit, Nov. 8-13, 2011 (Asia Pacific Economic Cooperation Conference—APEC) with President Obama, Sec of State Hillary Clinton, and business and government leaders from around the pacific and Asia."
Brady Young, president of Strategic Risk Solutions said, "We are very excited about Craig's decision to join us and pleased to be able to bring someone with Craig's expertise and experience to our firm."
To date, he added, "we have been largely reactive to opportunities, but with Craig's addition, we are looking to take a more proactive role in the domicile."
Mr. Watanabe said, "I am pleased to be returning to the captive insurance industry, where I have spent much of my career. SRS has a strong presence in many onshore and offshore domiciles and I have been impressed with their focused and independent approach to captive management."
SRS's activities in Hawaii are part of its Western Division managed by Ann Wick. The western region was launched in 2007
Mr. Watanabe can be reached at craig.watanabe@strategicrisks.com.
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