AIG Hawaii Insurance Co. will be rolling out its new name and logo as Farmers Insurance Hawaii Inc., effective Jan. 1.

The name change, which reflects new ownership, heralds a new chapter in the company's nearly 55-year history.

Farmers Insurance of Los Angeles bought AIG Hawaii, as well as the 21st Century Insurance Group on the mainland, in July in a cash-and-stock deal worth $1.9 billion.

“;There's been a lot of excitement as we begin final preparations to become Farmers Insurance Hawaii,”; said Robin Campaniano, president and chief executive officer of AIG Hawaii. “;Our customers will still receive the same outstanding service, affordable products and ohana spirit they've come to expect from us, with the added financial strength of Farmers Insurance. Through this transition we are emerging as an even stronger company.”;

The company will maintain all its Hawaii-based services and keep its branches on all four major isles open.

“;Our intent was to create a smooth, seamless transition for everyone involved,”; said Campaniano, who will remain with the new company.

AIG Hawaii has about 300 employees statewide and 62,000 auto insurance customers representing about 100,000 cars. The company ranks third in market share in the state behind GEICO and State Farm.

Before being acquired by the American International Group Inc. of New York in 1987, the company got its start in 1955 as Hawaii Insurance Consultants to insure the cars of local plantation workers.

Former parent company AIG is climbing out of debt and combating a bad image for awarding its executives some $165 million in bonuses after receiving more than $182 billion in government bailouts.

AIG Hawaii is just one among numerous assets the corporate AIG has been selling off to repay its government debt.

Farmers Insurance Group, a subsidiary of Zurich Financial Services Group, is the third-largest personal lines insurance provider in the country, serving more than 15 million customers.

Farmers was founded in 1928 to provide affordable auto insurance for farmers, and received an “;A”; rating from Standard & Poor's and A.M. Best.

Besides auto and motorcycle insurance, the company will offer business insurance, workers' compensation, human resources consulting, risk consulting and captive insurance.