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American Savings unit
to purchase isle insurer

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Star-Bulletin Staff

American Savings Investment Services Corp., a subsidiary of American Savings Bank, has agreed to buy Bishop Insurance Agency of Hawaii Inc., a local property and casualty insurance company.

Terms of the deal were not disclosed. The transaction is expected to take a month to complete.

Afterward, Bishop Insurance Agency would continue to operate under its current name. The company, founded in 1859, is expected to keep all employees and independent agents.

American Savings Bank, Hawaii's third-largest financial institution, already offers a range of insurance products and services including fixed and variable annuities, special tax-sheltered annuities for teachers, long-term care insurance and life insurance.

Founded in 1925, Honolulu-based American Savings Bank has a total of 68 branches in the state, 47 of which are on Oahu.

American Savings Bank is a subsidiary of Hawaiian Electric Industries Inc.