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Business Briefs

Reported by Star-Bulletin staff & wire

Friday, August 18, 2000

Travel firm promotes former isle exec

Ron Letterman, former head of American Express Travel Related Services in Hawaii and more recently president and chief executive of Classic Customs Vacations in San Jose, Calif., has been promoted to a new job, vice chairman of Classic's parent, Global Vacation Group Inc. The promotion is a result of Washington, D.C.-based Global's recently announced merger of its Globetrotters and Friendly Holidays brands into Letterman's Classic division. Letterman's job is to integrate the brands and improve marketing. Before joining Classic in 1992, Letterman served as president of Carlson Travel Network with more than 1,000 travel agency offices. In 20 years in Hawaii, Letterman was president of Cove Enterprises before becoming vice president and general manager of the American Express operation.

Hawaii investors get SBA license

A Honolulu venture capital firm, HMS Hawaii, has received a U.S. Small Business Administration license to operate as a Small Business Investment Company to make investments in companies in Hawaii and on the West Coast. The company said it hopes to raise a new investment fund of up to $50 million under the SBIC structure. The program is designed to fill a gap between available venture capital and the needs of start-up and growing small businesses. Under the program, HMS Hawaii will use its own funds and borrowed money at favorable rates backed by SBA guarantees.

Headed by partners Bill Richardson and Dick Grey, HMS Hawaii has been in business for 18 months and its initial $10 million fund is invested or committed to various small businesses, mostly in Hawaii.

In other news . . .

NEW YORK -- American International Group Inc., the largest U.S. insurer by market value, agreed to buy industrial insurer HSB Group Inc. for about $1.2 billion in stock.