Bankoh to acquire
insurance agency

The deal will let the bank
expand into the property
and casualty business

By Russ Lynch
Star-Bulletin

Bank of Hawaii said today it will buy one of Hawaii's leading property and casualty insurance agencies, Triad/IAG Insurance Agency.

The bank said the acquisition will give it expertise in that side of the insurance business and is in line with Bank of Hawaii's overall strategy of expanding the range of financial services it offers customers.

The deal for an undisclosed price will give the bank its first property and casualty subsidiary. Officials said a change in federal law will allow banks to sell that type of insurance directly starting in the year 2000. The deal should close in the first quarter of 1999, subject to regulatory approval, the bank said.

The 30-year-old agency will continue to operate as Triad Insurance. It sells and services insurance policies for such prominent insurers as Fireman's Fund, Prudential and AIG of Hawaii but does no insuring of its own.

The companies said the change should be seamless with no change in management. Michael Groholski will remain president of the agency.