AM Best Affirms First Insurance of Hawaii Rating
AM Best has affirmed A+ (Superior) and "aa" (Superior) ratings for First Insurance Company of Hawaii, Ltd., with a stable outlook.
Updated on Nov. 11, 2026 in Insurance
AM Best affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of "aa" (Superior) for First Insurance Company of Hawaii, Ltd. and its reinsured subsidiaries. The outlook on both ratings is stable.
Why it matters
The ratings reflect the insurer's very strong balance sheet and enterprise risk management, signaling financial stability for policyholders in Hawaii. The affirmation comes after the 2023 Maui Wildfire heavily affected the group's 2023 and 2024 results.
AM Best rates First Insurance Company of Hawaii at A+ (Superior) for financial strength and "aa" (Superior) for long-term issuer credit, with pre-tax operating income reported in nine of the past 10 years. The filing does not quantify the Maui Wildfire's full financial impact on the group's 2023 and 2024 results.
The players
AM Best
AM Best is a global credit rating agency specializing in the insurance industry, known for its Best's Capital Adequacy Ratio and financial strength ratings.
First Insurance Company of Hawaii, Ltd.
First Insurance Company of Hawaii is a Honolulu-based insurer and member of the First of Hawaii Group, serving the state's property and casualty market.
Tokio Marine Holdings, Inc.
Tokio Marine Holdings is a Japanese insurance holding company and the ultimate parent of First Insurance Company of Hawaii.
The details
The ratings are supported by the group's strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio, and by operational and financial support from its ultimate parent, Tokio Marine Holdings, Inc. AM Best assessed the group's operating performance as adequate and its business profile as neutral.
Timeline
2023: Maui Wildfire heavily impacts group results.
2024: Group results remain heavily affected by the Maui Wildfire.
November 11, 2026: AM Best affirms First of Hawaii Group's credit ratings.
Market Dynamics
The affirmation applies AM Best's Best's Capital Adequacy Ratio methodology, which measures risk-adjusted capitalization, to a Hawaii insurer whose results were hit by the 2023 Maui Wildfire. It shows that its strongest capitalization tier held despite the catastrophe's effect on earnings.
Policyholders of First Insurance Company of Hawaii can view the affirmed A+ rating as a signal of the insurer's capacity to pay claims. The stable outlook suggests no near-term ratings change is expected based on the current assessment.
The takeaway
Insurer credit ratings reflect capital strength and risk management, which matter most for policyholders weighing long-term coverage choices. Reviewing an insurer's rating and its catastrophe exposure can help inform those decisions.
Further reading
For more on how insurers in the state are rated, see Hawaii Insurance.
