Posted on: Tuesday, June 26, 2001

Bank of Hawaii acquires employee benefits firm

Advertiser Staff

Bank of Hawaii has acquired Hawaii's Insurance Network, an employee benefits company based in Honolulu.

The deal, announced yesterday in a statement by the bank, is not expected to affect the policies or benefits of insured customers.

Terms of the deal were not disclosed.

Hawaii's Insurance Network, with total gross annualized premiums of $20 million, will continue to operate out of its office on Waiakamilo Road but as a division of Bank of Hawaii Insurance Services Inc.

No layoffs are planned for the company's three employees.

Until this deal, the bank's insurance business had primarily focused on property and casualty products. The acquisition will expand the bank's insurance services to include employee benefits and consulting services.

"This transaction fits perfectly with our growth strategy and expands our business opportunities," said Ron Tsukamaki, president of Bank of Hawaii Insurance Services.

Bank of Hawaii acquired Triad/IAG Insurance Agency in December 1999 to take advantage of a 1996 state law allowing state-chartered banks gradually to get into the business of selling insurance and securities.

The bank started selling insurance on a limited basis through 25 percent of its branch network last year.