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Monday, June 06, 2016 9:01 PM
FEMA Warns Of Flood Insurance Cutoff
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Monday, May 23, 2016 8:53 PM
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Thursday, April 28, 2016 7:46 PM
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Thursday, April 14, 2016 7:54 PM
Auto Insurance Penalties In Hawaii Are Among Highest In The Nation
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Monday, February 29, 2016 7:13 PM
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Friday, November 06, 2015 7:25 PM
Auditor Attacks Use of Hawaii Hurricane Relief Fund
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Thursday, November 05, 2015 8:17 PM
DTRIC Insurance Founder And CEO Ron Toyofuku To Retire
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Thursday, October 01, 2015 7:11 PM
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Thursday, September 17, 2015 11:52 PM
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Thursday, August 20, 2015 8:49 PM
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| Japan-Based Parent Of First Insurance In Hawaii Buying Texas-Based HCC Insurance Holdings For $7.5B |
| Thursday, June 11, 2015 |
Tokio Marine Holdings Inc., the parent company of Honolulu-based First Insurance Company of Hawaii, has agreed to buy Houston, Texas-based HCC Insurance Holdings Inc. for approximately $7.5 billion, according to media reports on Wednesday.
There will be no immediate changes at First Insurance following the announcement, said Stephen Tabussi, senior vice president, underwriting and marketing division. He said the deal won’t be finalized until the fourth quarter of 2015, but also said it was far too soon to understand how HCC Insurance Holdings (NYSE: HCC) will interact with any other companies under Tokio Marine Group, the Japan company’s group of U.S. companies.
“In general, [First Insurance] serves as ‘the face of Tokio Marine in Hawaii,’ and one of our business strategies is to help offer a menu of TM Group risk management products and services to Hawaii independent insurance agents and customers,” Tabussi said.
HCC has several divisions such as accident & health, surety & credit, and property & casualty. HCC already sells some of its products in Hawaii.
“To the extent we can assist HCC increase its market share in the future, we will do so,” Tabussi said.
First Insurance was founded in 1911. In 1989, Tokio Marine became a major owner in 1989, and a 50-percent owner in 1999. It acquired the other 50 percent from Continental Insurance Co. in 2011. |
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