First Insurance Co. of Hawaii and Axis Insurance Co. have partnered to offer hurricane insurance through Axis to new and existing First Insurance homeowners and fire insurance policyholders.
Axis is a wholly owned subsidiary of Axis Capital Holdings Ltd., which offers specialty insurance and reinsurance with total capitalization of $6.4 billion as of March 31.
“It has been one of this administration’s long-term strategic goals to assure easier and more affordable access to hurricane and other lines of insurance to our state’s businesses and consumers,” said J.P. Schmidt, state insurance commissioner. “The net result is that Hawaii consumers will have additional and better insurance choices.”
First Insurance expects to transfer about 13,000 existing hurricane policies to Axis as policies expire over the next year. Policy renewals will be issued with similar basic terms and coverage limits.
Axis will only sell hurricane policies with First Insurance primarily homeowners or fire policies.