Alakai Global

The advantages of establishing captive insurance organizations in the Hawaii domicile have turned it into a hotspot for public and private companies seeking to manage their own business risks. This requires a trusted partner to design programs that suit their distinct requirements.

Alakai Global has been the go-to partner for U.S. and Japanese businesses looking to establish captive insurance companies in Hawaii.

A privately owned, leading captive management company, Alakai specializes in delivering white-glove services for intricate risk profiles. Operating on a fixed-fee model instead of the traditional commission-based model ensures its focus remains on serving clients’ best interests.

“Our advice to clients is independent of the premium involved and the product insured. We have a good understanding of managing business risks in this niche industry," says Sotaro Misawa, President of Alakai Global.

Sotaro Misawa and Colin Teraoka, the Executive Vice President, have been instrumental in building the company’s reputation within the Japanese market. Prior associations with Big Four accounting firms equip the co-owners with a wealth of experience in audits, tax compliance and regulatory affairs, enabling them to clearly understand clients’ concerns and provide appropriate solutions.

Alakai Global recognizes the shortage of specialists in Japan, which makes captive insurance an uncharted territory for many clients and guides them through every step of the process. Emphasis is put on educating them about the different captive insurance programs and devising solutions that fit their needs.

Clients also need to overcome other critical pain points, including language barriers and intricacies in regulatory compliance. Alakai Global adeptly manages the Japanese insurance regulatory requirements to fit the U.S. and Hawaii's insurance markets, ensuring seamless accounting and tax compliance for its clientele. The expertise is extended to addressing specific requests from companies dealing with foreign currency accounts and translations.

Setting up captive businesses in Hawaii offers Japanese clients an edge over other locations. The convenient time difference between the two regions serves as a strategic advantage for business communications, allowing Zoom meetings to be held at regular working hours. The distance between these destinations can be covered within eight hours via flights. Banks and regulatory institutions in Hawaii also consist of Japanese-speaking staff with years of experience dealing with Japanese people and their culture.

In one instance, a captive client turned to Alakai Global after a renowned captive manager failed to draw results for their approved business plan. Alakai revitalized a client's dormant captive, significantly increasing its capacity and coverage lines through a strategic collaboration with the client, the state regulators, auditors and related parties. This success culminated in the captive receiving an AM Best A rating, a first for a Japanese-owned captive in Hawaii.

Alakai Global continuously pushes boundaries to meet the evolving requirements, from extending captive solutions to earthquake-prone areas to working with state regulators to secure approvals for underwriting third party risks.

All services provided to clients carry the essence of the spirit of aloha. The company ensures they are treated to local experiences that embody the Hawaiian hospitality.

Its experience in providing top-notch services makes Alakai Global an indispensable force in the insurance space, helping organizations thrive through customized captive solutions.