Japanese firm finalizes First Insurance deal
First Insurance Co. of Hawaii Ltd. announced Tuesday that its acquisition by Japan-based Tokio Marine Holdings Inc. has been completed.
The oldest and largest property and casualty carrier domiciled in Hawaii is now an official member of the Tokio Marine Group, which had been a major owner of First Insurance since 1989 before becoming 50 percent owner in 1999.
In August, Tokio announced it had reached an agreement to acquire the remaining half of First Insurance from the Continental Insurance Co., a wholly owned subsidiary of CNA.
The transaction received regulatory approvals from the Hawaii insurance commissioner and Japan’s Financial Services Agency.
Hawaii gets funds for insurance exchange
Hawaii is one of 13 states to receive federal funding to create a so-called insurance exchange online to help individuals and businesses get reasonably priced medical coverage as part of the Affordable Care Act.
Hawaii will get $14 million of nearly $220 million in grants by the U.S. Department of Health and Human Services.
The health care reform law allows states the freedom to build "Affordable Insurance Exchanges" that will be established in 2014 as one-stop marketplaces offering a variety of health plans that vary in cost and coverage. The program prohibits insurers from denying coverage to people with pre-existing conditions or from charging excessive premiums.
Other states that won grants are Alabama, Arizona, Delaware, Idaho, Iowa, Maine, Michigan, Nebraska, New Mexico, Rhode Island, Tennessee and Vermont.
"We are committed to giving states the flexibility to implement the Affordable Care Act in the way that works for them," HHS Secretary Kathleen Sebelius said in a news release. "Exchanges will give consumers more choices and make it easy to compare and shop for insurance plans."
The exchanges are expected to bring about more competition between carriers and, in turn, drive down costs.
Bio-Beetle adds Nissan Leaf to car rentals
Maui-based Bio-Beetle Inc. has expanded its rental car lineup to include the electric Nissan Leaf.
When Bio-Beetle opened for business in January 2003, it billed itself as the first rental car company in the world to rent only biodiesel vehicles to the public.
Bio-Beetle rents diesel Volkswagen Beetles and Jettas, and the diesel Jeep Liberty, all of which can run on biodiesel. The company recently added the Toyota Prius gas hybrid to its fleet.
"By offering the Leaf electric car in our fleet, Bio-Beetle continues its policy of offering the most environmentally friendly rental cars in the world," said Shaun Stenshol, Bio-Beetle president.
Deadline nears for Medicare enrollment
The Centers for Medicare and Medicaid Services and its partners are available to counsel and enroll seniors in health plans before the Dec. 7 open enrollment deadline for next year’s Medicare program.
CMS is urging Medicare recipients to use consumer resources online at www.medicare.gov or over the phone at 800-MEDICARE.
"Seniors and people with Medicare should act now, review their plan coverage and compare their current plan with other available options," said CMS Administrator Donald Berwick. "The important decisions you make now can help ensure that any changes made will be in place by January 2012 for seamless and uninterrupted access to your health care providers and medications at your chosen pharmacies."
Plan options include:
» Medicare Advantage enrollees will have the same access as other beneficiaries to certain preventive services at zero cost-sharing, including an annual wellness visit. Average Medicare Advantage premiums will decline by 4 percent over the previous year in 2012.
» Seniors with Part D coverage who are in the coverage gap, otherwise known as the "doughnut hole," will continue to receive 50 percent discounts on certain brand-name drugs. Beneficiaries have seen an average savings of $581 on covered brand-name drugs, and an additional $22 in savings on generic drugs. Average Part D premiums for prescription drug coverage will drop next year to $30, about 76 cents less than the average 2011 premium.
Horizon offers shippers $13.75M settlement
SAN JUAN, Puerto Rico » Horizon Lines LLC said Tuesday it has reached a $13.75 million settlement deal with shippers that had accused the company of fixing rates and surcharges for freight transportation between the U.S. and Puerto Rico from 2002 to 2008. The agreement ends all antitrust claims filed by major shippers that had opted out of a class-action settlement approved in September, Executive Vice President Michael Avara said in a statement.
Earlier this year the Charlotte, N.C.-based company, which is the second-largest shipper in Hawaii, agreed to plead guilty to fixing prices and to pay a $15 million fine.
ON THE MOVE
Hawaii Pacific Entertainment has announced the appointment of Tiffany Garrett to promotions supervisor. She was previously at Clear Channel Radio Group Hawaii as an assistant producer of the "Perry & Price Saturday Morning Show" and as promotions assistant for KIKI, KSSK, 93.9 JAMZ, STAR101.9, KHVH AM 830 and ISLAND 98.5.
St. Andrew’s Priory School’s Board of Trustees has announced:
» Judy B. Pietsch has been named chairwoman of the board. She has consulted with counseling professionals, students and educational institutions nationally and internationally for 25 years.
» William Reeves has joined the board. He co-founded the Learning Coalition and Unbound Philanthropy, which focuses on public education and international immigration in Hawaii, with his wife, Deborah Berger. Reeves previously ran BlueCrest Capital Management, which he founded in 2000.
