Tokio Marine
consolidates unit
with First Insurance

Star-Bulletin staff

The Hawaii operations of Tokio Marine & Fire Insurance Co. will be run from the offices of First Insurance Co. of Hawaii Ltd., starting Nov. 1.

Tokio Marine, which already owns 40 percent of First Insurance, said it will step up its ownership to 50 percent. The other 50 percent is owned by the Buckeye Union Insurance Co., a subsidiary of Chicago-based CNA Financial Corp.

The companies said the integration of Tokio Marine's business with First Insurance's will create efficiencies and bring down costs.

"This transaction allows Tokio Marine to continue to serve its clients in Hawaii while reducing the costs of doing so," said Morio Ishii, chairman and president of Tokio Marine Management Inc.

A Tokio Marine unit will be established within First Insurance to service the 2,500 Tokio Marine policy-holders, who will become First Insurance customers, the companies said.

Allen Uyeda, president and chief executive of First Insurance, said the move expands his company's customer base and strengthens its relationship with Tokio Marine.

The terms of the transaction were not disclosed. The companies said their employees and customers are being notified