AGL Resources, a natural gas distributor, has formed an employee benefits captive domiciled in Hawaii, named Global Energy Resource Insurance Company USA.
The captive will initially be used to reinsure life and long-term disability.
“We are pleased to be the first EB captive in Hawaii,” said Paul Wagner, director of risk management for Atlanta-based AGL.
George Sumner, chairman of the Hawaii Captive Insurance Council Marketing Committee, noted that employee benefit captives are more difficult to form because they involve issues under federal law governing employee benefits.
“This demonstrates that Hawaii is viable for employee benefit captives,” he said.
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