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Member, Beacon International Group, Ltd.
George Sumner has resigned as Hawaii’s captive insurance administrator and deputy insurance commissioner, effective Aug. 29.
Mr. Sumner had been captive insurance administrator for more than three years.
Sanford Saito, captive insurance examiner, is expected to be named interim head of the state’s captive insurance operation, according to a statement from the Hawaii Captive Insurance Council.
During Mr. Sumner’s tenure as Hawaii’s top captive regulator, the state licensed 40 new captives and gross captive premiums increased to $2.6 billion from $1.2 billion, according to the council.
The state has 180 active captives.
Mr. Sumner joined the captive branch of Hawaii’s Insurance Division in October 2009 after previously serving as a vice president and leader of the captive insurance team at the Bank of Hawaii.