A new joint venture will offer hurricane insurance to First Insurance Co. of Hawai'i policy holders, bringing new hurricane-insurance capacity to the state, Hawai'i Insurance Commissioner J.P. Schmidt said.

The venture was formed by Argo Group US and First Insurance and will begin operations starting July 1.

"Argo Group will bring substantial new hurricane-insurance capacity to our state, which is of critical importance to Hawai'i homeowners," said Schmidt, in a press statement.

"Argo's entry into the Hawai'i market adds a new dimension to our goal of assuring easier access to hurricane insurance for Hawai'i's consumers."

He said First Insurance will transfer approximately 13,000 hurricane endorsements it writes in support of its homeowners and dwelling fire lines of businesses. Argo will issue new hurricane policies for those customers under the same basic terms and rates as First Insurance. First Insurance will continue to write the primary homeowners insurance.