Aioi Nissay Dowa Insurance has acquired the entirety of Hawaii-based insurer DTRIC Insurance, the latter announced on Tuesday.
DTRIC will receive a US$20 million capital infusion as part of the deal, which will be used to expand the company’s insurance offerings. It is currently the seventh-largest P&C insurer in
Hawaii, with total assets of US$102.67 million.
Aioi Nissay Dowa has been the majority shareholder in DTRIC since 1992, and it has now bought out all the minority shareholders, reports Pacific Business News. It is also part of the MS&AD Insurance Group, the largest insurance group in
Japan and eighth-largest in the world.
“DTRIC has enjoyed a long-standing relationship with ADI, and we look forward to an even stronger future together,” Michele Saito, DTRIC president & CEO, said in a press statement. “This full acquisition provides a solid foundation for our company’s continued growth in
Hawaii allowing DTRIC to benefit from ADI and MS&AD’s financial strength and global resources.”
Yuichi Ito, chief representative of Aioi Nissay Dowa, added: “We believe the acquisition was a natural evolution of our close working relationship with the local DTRIC team and we are pleased to welcome the company to MS&AD’s global network of subsidiaries and branches.”
Additionally, Aioi Nissay Dowa has acquired Royal State Financial Corp., which will be rebranded as DTRIC Management Co. Ltd to provide management and underwriting services to support DTRIC.
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