Tokio Marine to buy 100% of First Insurance Co. of Hawaii

First Insurance Co. of Hawaii , the largest insurance company in Hawaii, is being acquired by Tokio Marine Holdings Inc.

Tokio Marine, which is already a 50 percent owner of the Honolulu-based property and casualty insurer, said Thursday it would acquire the other 50 percent from Continental Insurance Co., a subsidiary of Chicago-based CNA Financial Corp.

The transaction, which requires regulatory approval in the U.S. and Japan, is expected to close in the fourth quarter, First Insurance said in a news release.

Tokio Marine has been a major owner of First Insurance since 1989, and became 50 percent owner in 1999.

The news on Thursday came as First Insurance prepared to mark the 100th anniversary of its founding on Aug. 11, 1911.

“This is very positive news for First Insurance and all our 300-plus associates, particularly in our centennial year,” said President and CEO Allen Uyeda, in a prepared statement. “We have had a long, successful and supportive relationship with Tokio Marine; they know us and we know them.”

Tokio Marine CEO Shuzo Sumi said the acquisition is part of the Tokyo-based company’s long-term growth strategy.

“First Insurance’s in-depth knowledge of its market, its reputation for excellent customer service and its commitment to social responsibility are an exact match to the approach of Tokio Marine in all our markets,” he said.