Tokio Marine Holdings, Inc. is to become the sole shareholder of the largest Hawaii-based property and casualty insurance carrier.
The Japanese insurer announced in Tokyo this week it has reached an agreement to acquire the remaining 50 percent ownership interest of First Insurance Company of Hawaii.
Chicago-based CNA Financial Corp. has agreed to sell its half of First Insurance to Tokio, which became 50 percent owner in 1999.
Tokio Marine said the acquisition price is $165 million, and will be financed through cash on hand.
First Insurance President and CEO Allen Uyeda said the company would retain its name, brand, service and products.
The acquisition comes as First Insurance celebrates its 100th year.
The transaction is pending regulatory approval.
Topics Mergers & Acquisitions Hawaii
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