Dongbu Insurance Co. Ltd. (USB) of Hawaii has been upgraded to an "A" financial strength rating from "A-" by A.M. Best Co.

Dongbu, which was the first foreign insurer company to qualify for a Hawai'i insurance license under the state's 2004 Port of Entry legislation, said the new rating took effect Dec. 8 and also applies to its issuer credit.

Dongbu, one of South Korea's leading insurance companies, plans to begin offering automobile and homeowners policies in Hawai'i.