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POSTED: Saturday, May 16, 2009

Atlas to buy Bankoh insurance wing

Atlas Insurance Agency Inc. will purchase Bank of Hawaii Insurance Services Inc., the bank's retail insurance brokerage operation, for undisclosed terms, it was announced yesterday.

The bank purchased the insurance company, previously in business for more than 30 years, in 1999. It is premature to discuss whether all 23 employees would be absorbed by Atlas, a bank spokesman said. A spokesman for Atlas, which has done business in Hawaii for nearly 80 years, could not be reached. Atlas has offices in Honolulu; Wailuku, Maui; and in Hilo and Kona on the Big Island. Its parent company is Island Holdings Inc.

Nurses union reaches pact

The Hawaii Nurses' Association has ratified a new, three-year contract covering 53 registered nurses at Wahiawa General Hospital, following a tentative agreement reached April 29.

The contract provides a 12 percent wage increase in 4 percent increments; shift differential increases for evening and night shifts; and an on-call pay increase. The contract also preserves current market value for the defined benefit pension plan and significant increases in three-tiered health plan coverage caps, according to a union statement.

Castle Group posts loss

The Castle Group Inc., a holding company for Castle Resorts & Hotels, swung to a loss of $47,623 in the first quarter versus net income of $99,658 in the year-ago period.

Revenue fell about 33 percent to $4 million from $6 million a year ago.

The company also announced new resort rental management contracts for four properties on Molokai and Kauai that were formerly managed by the now-shuttered Marc Resorts.

The properties are Pali Ke Kua, Puu Poa and Hale Moi Cottages in Princeville, Kauai, as well as the Molokai Shores.

New tenant for CompUSA site

The vacant CompUSA space in Pearl Highlands Center will soon be home to a new 24 Hour Fitness health club, as it has obtained a lease for the two-story space.

Similar in space at 45,000 square feet, no tenant has been announced for the Kakaako CompUSA store, vacant since the company liquidated more than 200 stores nationwide in 2008.

"There has been significant interest (from prospective tenants) ranging from a movie studio to a grocery center," said Mike Hamasu, consulting and research director at Colliers Monroe Friedlander Inc.

The building and land belong to Kamehameha Schools, whose development proposal for 29 acres of land including the CompUSA site is pending before the state's Hawaii Community Development Authority. "We're hoping for approval by October," said Kekoa Paulsen, Kamehameha Schools spokesman.

On the move

» Christopher B. Kelly, financial professional with AXA Advisors LLC in Honolulu, has earned Certified Financial Planner certification. The certification is awarded to individuals who complete the national CFP Board's initial and ongoing certification requirements.

» Starn O'Toole Marcus & Fisher attorneys Peter Starn, Terence J. O'Toole and Kenneth B. Marcus have been selected for inclusion in Super Lawyers Magazine's 2009 Hawaii Super Lawyers, Corporate Counsel Edition. Starn and Marcus were recognized as being among the top real estate attorneys in Hawaii for 2009. O'Toole was named one of the top construction litigation attorneys in Hawaii for the year.