AM Best affirms the credit ratings of First Insurance Company of Hawaii, Ltd. and subsidiaries

ALDUICK, NJ, December 8, 2023—(BUSINESS WIRE)–AM Best affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa” (Superior) of First Insurance Company of Hawaii, Ltd. (FICOH) (Honolulu, HI) and its reinsured subsidiaries, collectively referred to as First of Hawaii Group. The outlook for these credit ratings (ratings) is stable. (See below for a detailed list of companies and ratings).

The ratings reflect First of Hawaii Group’s balance sheet strength, which AM Best rates as very strong, as well as its adequate operating results, neutral business profile and very strong enterprise risk management (ERM).

FICOH has a deep-rooted presence in the domestic market as one of Hawaii’s leading insurance companies. The group’s balance sheet strength rating is supported by its strongest level of risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR), retained earnings, conservative investment portfolio and favorable liquidity levels. The group has reported positive net income for nine of the last 10 years, supported by stable levels of investment income. However, AM Best expects the company’s 2023 results to be negatively impacted by the wildfires in Hawaii. Finally, the ratings also consider the operational, financial and ERM support provided by the ultimate parent company, Tokio Marine Holdings, Inc., and its lead insurance operating company, Tokio Marine & Nichido Fire Insurance Co., Ltd. These factors include day-to-day operating synergies in its US-based subsidiaries, reinsurance support and economic capital modeling that is superior to peers.

FSR of A+ (Superior) and Long-Term ICR of ‘aa’ (Superior) affirmed with a stable outlook for First Insurance Company of Hawaii, Ltd. and its following property/casualty subsidiaries:

  • First Fire and Casualty Insurance of Hawaii, Inc.

  • First Indemnity Insurance of Hawaii, Inc.

  • First Security Insurance of Hawaii, Inc.

This press release refers to the credit ratings that are published on the AM Best website. For all rating information relating to the release and relevant disclosures, including details of the agency responsible for issuing each of the individual ratings set out in this release, please see AM Best’s Recent assessment activity Web page. For additional information on the use and limitations of credit score opinions, please see Guide to Best Credit Ratings. For information on the proper use of Best’s credit ratings, Best’s performance ratings, Best’s preliminary credit ratings, and AM Best’s press releases, see A guide to the proper use of Best’s ratings and reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit

Copyright © 2023 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Thomas Keelen
A financial analyst
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Edin Imsirovich
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Al Slavin
Senior Public Relations Specialist
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