When annuity marketing material needs a little embellishment, that can be a big problem in court.
June 28--Allen B. Uyeda, president and chief executive officer of First Insurance Co. of Hawaii, will retire July 31 after nearly 20 years at the helm of the state's largest and oldest property and casualty insurer.
Chief Operating Officer Jeff Shonka will succeed Uyeda as CEO on Aug. 1 and become FICOH's president effective Jan. 1.
"We have been organizing an orderly transition over many months as part of our strategic succession planning process," Uyeda said recently. "Jeff is an excellent leader and a very talented insurance professional who has been instrumental in FICOH's success over the past 11 years. I am confident he will continue to provide strong leadership for FICOH's future."
FICOH, founded Aug. 11, 1911, had assets of $642.5 million, liabilities of $366.1 million and a policyholders' surplus of $276.4 million as of Sept. 30.
Uyeda started his insurance career with Continental Insurance -- a former FICOH parent company -- in 1986 as a senior project leader in corporate finance, and was named vice president and chief financial officer of the company's agency and brokerage group one year later. He came to FICOH after Hurricane Iniki and was appointed president and CEO in 1995.
"Allen has had a remarkable career, and no one can replace him," Shonka said. "He's steered FICOH through key chapters in its 102-year history, starting with his arrival shortly after Hurricane Iniki, when he helped the company rebuild and become stronger than before. He has earned the respect of our associates and the larger community with his drive, passion and integrity. I look forward to working with him over the next seven months to prepare for a seamless transition."
Shonka joined FICOH in 2002 as its chief financial officer. He became senior vice president, chief operating officer of FICOH in January 2013. Prior to joining FICOH, he worked at Amwest Insurance Group Inc., a property and casualty insurer in Calabasas, Calif., for 13 years. While with Amwest he served as a senior financial analyst and corporate controller before eventually being named chief operating officer and president.
(c)2014 The Honolulu Star-Advertiser
Visit The Honolulu Star-Advertiser at www.staradvertiser.com
Distributed by MCT Information Services