Updated at 12:29 p.m., Tuesday, September 26, 2006
Business briefs: Horizon Lines cuts fuel surcharge
Advertiser StaffHorizon Lines, the state's No. 2 shipper, said it will reduce its fuel surcharge from 21.25 percent to 19.75 percent beginning Oct. 2.
The announcement comes days after Matson Navigation Co. said it will lower its surcharge by the same amount.
"This fuel surcharge decrease is the result of a recent downward trend in fuel costs," Horizon said in a Sept. 25 letter to Hawai'i and Guam customers. "Horizon lines will continue to monitor fuel costs weekly and adjust the fuel surcharge as trends warrant."
Ala Wai Yacht Brokerage to sell Beneteau sailboats
Ala Wai Yacht Brokerage has signed an agreement to become the exclusive Hawai'i dealer for Beneteau USA, the American division of the world's largest sailboat maker.
The first stock of Beneteau sailing yachts are on order and should arrive in Hawaii in the next few months, said Tom Bashaw, Ala Wai Yacht Brokerage president.
Previously, customers ordering new boats from Beneteau would have to buy the vessels on the Mainland and make arrangements to sail or ship them to Hawai'i. For more information, visit https://www.yachtworld.com/alawai.
HIG gets "B" rating for financial strength
Hawaiian Insurance & Guaranty Co., the state's No. 4 hurricane insurer, has received a "B" financial strength rating, or fair, from A.M. Best Co. after its recent sale to Great Northwest Insurance Co
The local insurer is benefiting from a $12 million infusion from Great Northwest after almost being shut down because of financial problems experienced by its former owner. A.M. Best also said Hawaiian Insurance's ratings outlook was stable.
The rating is higher than the "C," or marginal, rating Hawaiian Insurance had when it was owned by Alabama-based Vesta Insurance Group. Great Northwest bought the policies, name, and other assets for Hawaiian Insurance on Sept. 20.
Convergence CT hires chief financial officer
Convergence CT, a Honolulu-based healthcare software company, announced that Brian Donahue has joined its executive team as chief financial officer and vice president.
Donahue has extensive experience in accounting and finance with multinational companies. His most recent position was with Hewlett-Packard/Compaq Computer Corp., managing mergers, acquisitions, divestitures and minority investments for the technology services group.
Convergence CT founded in Honolulu in 19991, has offices in San Francisco, Philadelphia, Tokyo and Berlin.