Business briefs

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Insurance milestone hit

Hawai'i has become one of only two states to issue 100 captive insurance licenses. Captive insurance is a type of self-insurance in which a company sets up a separate, licensed legal entity to provide insurance to the company and its affiliates.

It is a means for financially stable and responsible companies and organizations to better control their insurance costs. Insurance Commissioner Wayne Metcalf said the 100th license was issued to Aquablue Insurance Co. Inc., which is owned by Citizen Watch Company Ltd. of Japan.

Cheap Tickets deal approved

Cendant Corp. said yesterday that U.S. antitrust authorities approved its $451 million acquisition of Cheap Tickets Inc. The New York marketing concern's $16.50-per-share offer for Cheap Tickets stock will expire at midnight Sept. 21.

Cendant agreed to buy Honolulu-based Cheap Tickets about two weeks ago in a move to boost its plans for an upgraded online travel portal. Cheap Tickets, with revenue of $98.4 million last year, sells discount travel products.

The acquisition is expected to increase Cendant's 2002 earnings by 1 to 2 cents a share and 2003 earnings by 3 cents a share. Cendant also expects marketing agreements with Trilegiant Corp. and AOL Time Warner Inc., and has a June agreement to buy online ticket-reservation service Galileo Inc. for $2.9 billion, to boost '02 earnings.