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The Honolulu Advertiser
Posted on: Friday, May 9, 2008

BUSINESS BRIEFS
New hurricane insurance provider

Advertiser Staff and News Services

A new joint venture will offer hurricane insurance to First Insurance Co. of Hawai'i policyholders, raising storm coverage capacity in the state, Hawai'i insurance commissioner J.P. Schmidt said.

The venture formed by Argo Group US and First Insurance 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.


WATCH HPU STUDENTS COMPETE

Hawai'i Pacific University's Entrepreneurship Center will hold its first business plan competition for undergraduate and graduate students May 14-16.

HPU New Venture Challenge 2008 is intended to encourage students to start and grow business ventures based on ideas and technologies developed by themselves or others. In addition to writing a business plan, students will be taught skills in pitching their ventures to potential investors.

The event begins Wednesday with a Poster And Pitch competition and reception from 4 to 7 p.m. at the Plaza Club. On May 15, teams will present their plans to panels of judges from 8:30 a.m. to noon at HPU's Fort Street Mall campus.

On May 16, the Grand Finals Round will start at 1:30 p.m. at the Plaza Club. An awards ceremony is set for 5:30 p.m. and the winning team will get $5,000.

The public is invited to attend the competition. For information, visit www.hpu.edu/entrepreneurship.


IRS GUILTY OF FRAUD IN HAWAI'I CASE

The U.S. Tax Court has ordered the Internal Revenue Service to refund at least $30 million to as many as 1,173 users of a decades-old tax shelter because IRS lawyers bribed pivotal witnesses in a test case tried years ago, Bloomberg News reported.

The court last week issued a 137-page ruling that requires the IRS to give the same deal to those taxpayers as it did to the witnesses in the test case and imposes sanctions on the agency for perpetrating a "fraud on the court."

The ruling may close the book on a legal saga over the agency's conduct in prosecuting users of a tax shelter promoted by Henry Kersting of Honolulu. He helped clients generate artificial interest deductions in the early 1980s.


HIGH SCHOOL TEAMS TAKE FIRST PLACE

Students from Hilo High School, Moanalua High School, and Kapa'a High School took top seats in the 2008 High School Marketing Plan, Business Plan, and Advertising competitions.

Hilo High School won first place in the marketing competition. Team members Anna Hidano and Celise Yamashita were led by teacher Anne Chung.

Moanalua High School won first place in the business competition. Team members Joseph Carothers and Aaron Mallory were led by teacher Fred Ito.

Kapa'a High School won best of show in the advertising competition. Team members Dominique Bartolo, Becky Cameron, Adam Kerlin, Mark Palthazar, Whitney Rowe and Eliza Taylin were led by teacher Michelle Rundbaken.