The Japanese company that owns half of First Insurance Company of Hawaii, Ltd. is buying the remaining 50 percent of the local business for $165 million, it was announced today.

Tokio Marine & Nichido Fire Insurance Co. is buying the stake from its partner Chicago-based CNA Financial Corp. The sale is subject to regulatory approval.

"This sale is another step in streamlining our operations and focusing on our core strategies," said Tom Motamed, CNA’s chairman and chief executive officer. "We believe it is an excellent transaction for both parties, and we are grateful for our many years of partnership with Tokio Marine."

The Hawaii company provides property and casualty insurance.