Atlas Insurance Agency Announces Approval of Wholly Owned Captive
HONOLULU – Atlas Insurance Agency, Inc. (Atlas), Hawaii’s largest insurance agency serving the people and businesses of Hawaii since 1929, today announced that its application for a captive domiciled in the state of Hawaii has been approved by the Department of Commerce & Commerce Affairs’ Insurance Division. Atlas Insurance Agency, Hawaii’s largest insurance agency, working with its partner, Elevate Captives, created Atlas Elite Risk Management Group Insurance Company, Inc. (AERMGIC).
“This captive can now become another tool for our clients and interested Hawaii companies to use as part of a broader strategy to manage and finance their risk,” said Atlas Insurance Agency President Myles Murakami. “Companies who use a captive will have access to important information and data about their risks and components of their premium and will have an opportunity to play a role in its pricing and delivery.”
The benefit to those companies – whether they are Atlas clients or not – is that it is a tool to manage risk, save money on insurance premiums and ultimately reduce overall costs.
Hawaii’s captive insurance law was enacted in 1986 and the first captive insurance company was established in September 1987. Captive insurance is a way for businesses to manage risk by self-insuring things as general liability, commercial liability and professional liability, as well as property and commercial auto insurance. As of June 30, 2017, 222 captive companies were registered in the state of Hawaii (see https://cca.hawaii.gov/ins/files/2017/07/Recap-Public-6.30.17.pdf)
“As more and more companies are exploring methods to maintain and contain costs, captives provide a customizable risk-financing platform that can be designed to meet each company’s needs,” said Jerry Messick, Elevate Captives CEO. “With AERMGIC, Atlas Insurance Agency is expanding its services to its clients and reaffirming its position and standing as Hawaii’s largest insurance agency.”
Hawaii has been regarded as one of the best places to form a captive due to its specialized insurance regulatory expertise with a dedicated full-time staff as well as the state’s geographical location. Out of the 222 captive companies, 27 of them are owners from Asia and the Pacific region.
About Atlas Insurance Agency
Atlas Insurance Agency is Hawaii’s largest agency, serving the people and businesses of Hawaii since 1929. Atlas Insurance Agency offers a full range of insurance to protect business, home or auto and also offers Benefits Consulting, AOAO and Construction and Surety programs. For more information visit www.atlasinsurance.com
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After experiencing tremendous losses due to a natural disaster uncovered by my commercial carrier, I knew it was time to form a captive and shopped around for a captive manager...we couldn’t be happier that we chose Elevate.
Communication is quick and effective, documents are always organized and available and my questions are always answered efficiently and professionally.
We chose Elevate because of their reputation in our business community, and their services have exceeded expectations. We trust Elevate.
I have worked with Jerry Messick and the Elevate Captive team since 2012. They have been instrumental in guiding us properly on how to implement and run a captive successfully. The due diligence and proactive service on the part of the Elevate team is unrivaled. Their product knowledge and how to use the instrument to our benefit, while providing sound risk management and compliance principles is another huge differentiating factor for their firm. In addition, the team of experts that Elevate has referred us to in the legal and financial advisory areas has turned out to be top notch. The Captive is only as good as the entire team. Finally, it has to be mentioned that we “just plain like” Jerry and Co.. Friendly, smart and easy to work with. A real pleasure.