First Insurance joins in
latest round of rate cuts

From staff and wire reports

First Insurance Co. has announced it will lower rates in Hawaii for non-hurricane homeowners coverage.

The move comes in the wake of rate cuts this week by State Farm Mutual Automobile Insurance Co.'s and Allstate Insurance Co.

First Insurance said yesterday that effective July 1, it will implement a 25 percent rate reduction for non-hurricane homeowners coverage.

The reduction will affect more than 15,000 of its policyholders, the company said.

Typical policyholders with First Insurance homeowner coverage will see rate reductions average about $135 per year, it said, while those with both home and auto coverage from the company will see cuts average nearly $220 a year.

The company's hurricance insurance, which it began selling in January, is not included in the current rate reduction.

First Insurance President and CEO Allen Uyeda said the rate change reflects recent strong results for the company.

First Insurance employs 280 people in Hawaii.