JCB Co. Ltd., Japan's leading credit card issuer, has selected Hawai'i to set up its new captive insurance subsidiary, PermCore Insurance Co. Ltd.

The company will provide self-insurance for JCB to cover their risks. State Insurance Commissioner J.P. Schmidt issued a license to PermCore earlier this month to provide reinsurance for several kinds of insurance coverage provided to JCB's customers.

Hawai'i maintains a dedicated branch within government to provide regulation and development of the captive insurance industry. A law helping create the captive insurance industry here was enacted in 1986. Since that time the state has issued more than 200 licenses.

Professional service providers in Hawai'i for PermCore included Marsh Management Services, Bank of Hawaii and First Hawaiian Bank, the law firm of Goodsill Anderson Quinn & Stifel, KMH LLP and actuarial firm Perr & Knight.