AM Best confirms credit ratings from First Insurance Company of Hawaii, Ltd. and subsidiaries

OLDWICK, NJ–(BUSINESS WIRE)–am the best has a Financial Strength Rating (FSR) of A+ (Superior) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “aa” (Superior) from the First Insurance Company of Hawaii, Ltd. (FICOH) (Honolulu, HI) and its reinsured subsidiaries, collectively referred to as First of Hawaii Group. The outlook of these credit ratings (ratings) is Stable. (See below for a detailed listing of companies and ratings).

The ratings reflect First of Hawaii Group’s balance sheet strength, which AM Best rates as very strong, reasonable operating performance, neutral business profile and very strong Enterprise Risk Management (ERM).

The group has posted positive net income for nine of the last ten years, supported by solid investment returns. While 2021 results were largely challenged by an adverse development in reserves, the Company reported a material improvement in cash operating performance for the first nine months of 2022. As one of Hawaii’s leading insurance companies, FICOH has a deep-rooted presence in the domestic market. The ratings also take into account the operational, financial and ERM support provided by the ultimate parent company, Tokio Marine Holdings, Inc., and its lead insurance company, Tokio Marine & Nichido Fire Insurance Co., Ltd. These factors include day-to-day operational synergies between its US-based subsidiaries, reinsurance support and economic capital modeling superior to peers.

The FSR of A+ (superior) and long-term ICRs of “aa” (superior) were recorded with a stable outlook for First Insurance Company of Hawaii, Ltd. and its following property-casualty subsidiaries:

  • First Hawaii, Inc. Fire and Casualty Insurance

  • Hawaii, Inc. First Indemnity Insurance

  • Hawaii, Inc.’s First Safety Insurance

This press release relates to ratings published on AM Best’s website. All ratings information relating to the press release and relevant disclosures, including details of the office responsible for issuing each rating referenced in this press release, can be found on AM’s recent ratings activity webpage Best. For more information on the use and limitations of credit ratings, see Best’s Guide to Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Ratings, Best’s Preliminary Credit Ratings and AM Best press releases, see Guide to Proper Use of Best’s Ratings & assessments

AM Best is a global rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company operates in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. Visit www.ambest.com for more information.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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