TokioMarineAnnouncement by yaofenji

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									NEWS RELEASE
FOR IMMEDIATE RELEASE
Thursday, August 11, 2011
                                                                                         Contact:
                                                                                   Steve Tabussi
                                                                                   Vice President
                                                                    First Insurance Co. of Hawaii
                                                                                  (808) 527-7695


FIRST INSURANCE ANNOUNCES CENTENNIAL AND ENHANCED RELATIONSHIP
                       WITH TOKIO MARINE


HONOLULU – First Insurance Company of Hawaii, LTD today celebrates its centennial
anniversary and also announces another milestone in its 100 years of service to the families
and businesses of Hawaii. Since its beginnings in an office above the Gunst Cigar Store at King
and Fort streets on August 11, 1911, the company has continually evolved and adapted to
changing financial and competitive requirements while remaining a vital part of the Hawaii
business scene.


Tonight Allen Uyeda, president and CEO of First Insurance, will preside over a First Insurance
centennial gala on the grounds of Iolani Palace. Uyeda said, “We have looked forward to
celebrating our 100th birthday for months, and I am especially pleased to be announcing that our
longtime supporter and 50 percent shareholder, Tokio Marine Holdings, Inc., will be acquiring the
remaining 50 percent ownership interest in First from CNA Financial Corporation.”


Tokio Marine Holdings, Inc. (Tokio Marine) announced in Tokyo last night that it had reached an
agreement to acquire the remaining 50 percent ownership interest of First Insurance Company
of Hawaii and will become the sole shareholder of the 100-year-old company. Tokio Marine has
been a major owner of First Insurance dating back to 1989, became a 50 percent owner in 1999
and is now acquiring the remaining 50 percent from the Continental Insurance Company, which
is a wholly owned subsidiary of CNA, headquartered in Chicago. The transaction is pending
regulatory approval and is expected to close in the fourth quarter of 2011.



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First Insurance Announces Centennial and Enhanced Relationship with Tokio Marine
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“This is very positive news for First Insurance and all our 300-plus associates, particularly in our
centennial year,” Uyeda said. “We have had a long, successful and supportive relationship with
Tokio Marine; they know us and we know them. We look forward to even greater levels of
cooperation and mutual support in the years ahead.”


Uyeda continued, “We are excited to become a part of Tokio Marine’s growing North America
operation, while retaining our local name, brand, service and products. With greater access to
the U.S. and international resources of the Tokio Marine Group we expect to be able to deliver
even higher levels of service and risk management solutions to the families and businesses of
Hawaii. Continually looking for ways to better serve our community has always been a part of
our tradition and our commitment, and this will continue into the future.”


The company credits its diverse group of employees for its ability to solve customer problems.
“We’re much more powerful as a team than as individuals,” Uyeda said. “As we begin our next
100 years of doing business, we will continue to rely on our associates’ diverse viewpoints,
backgrounds and areas of expertise to address the challenges of an increasingly competitive
landscape. These strengths will remain the backbone of our business. Now as part of the
Tokio Marine Group, we continue to operate as First Insurance Company of Hawaii, with local
management, local service, and local insurance professionals, all based here in Hawaii with
the added benefit of the financial strength and expertise of a global insurance company.”


Shuzo Sumi, CEO of Tokio Marine Holdings, Inc., said, “This increase in ownership is an
important part of our long-term global growth strategy. First Insurance’s in-depth knowledge
of its market, its reputation for excellent customer service and its commitment to social
responsibility are an exact match to the approach of Tokio Marine in all our markets. I have
the greatest respect for the management of CNA and First Insurance, and I thank them for
their willingness to work with us in concluding this transaction.”




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First Insurance Announces Centennial and Enhanced Relationship with Tokio Marine
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Sumi added, “First Insurance has been a very successful company, and I congratulate
my Hawaii colleagues on achieving their 100-year milestone. I look forward to working with
Allen Uyeda and his management team, their associates, and their agency partners in the
years ahead in continuing their success.”



Founded on August 11, 1911, First Insurance Company of Hawaii, Ltd. is the oldest and largest
property and casualty insurer domiciled in Hawaii, with assets of $616.8 million, liabilities of
$365.4 million and policyholders’ surplus of $251.4 million at March 31, 2011. First Insurance
enjoys an “A” (Excellent) rating from A.M. Best Co., whose ratings are widely recognized as a
benchmark of an insurer’s financial strength. For three years running, First Insurance has also
been named to the Ward’s 50 list that recognizes the nation’s top 50 property and casualty
insurance companies. Proud of its broadly experienced, service-oriented staff, First Insurance
employs more than 300 insurance professionals and distributes its products through 29
independent general agencies. It has claims personnel on Oahu, Kauai, Maui and the Big Island.


Follow First Insurance on Twitter (@FirstInsHI) and Facebook (www.facebook.com/FirstInsHI).



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