AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (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 of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings).

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

FICOH has a deep-rooted domestic market presence as one of the leading insurance companies in Hawaii. The group’s balance sheet strength assessment is supported by its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), retained earnings, a conservative investment portfolio, and favorable levels of liquidity. The group has posted a pre-tax operating income in nine of the past 10 years, including both 2023 and 2024, which were heavily impacted by the 2023 Maui Wildfire. Through the first half of 2025, the group has posted consecutive quarters with a combined ratio below 90%, positioning it to again post pre-tax operating income for the year.

The ratings also consider the operational, financial and ERM support provided by the ultimate parent, Tokio Marine Holdings, Inc., and its lead insurance operating company, Tokio Marine & Nichido Fire Insurance Co., Ltd. This support includes day-to-day operational synergies across its U.S.-based subsidiaries, reinsurance support and economic capital modeling that is superior to peer companies.

The FSR of A+ (Superior) and the Long-Term ICRs of “aa” (Superior) have been affirmed with stable outlooks 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 relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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