Japanese company buys rest of DTRIC

June 28--Aioi Nissay Dowa Insurance Co. Ltd., a subsidiary of Japan's largest insurer, MS&AD Insurance Group, has become the full owner of Honolulu's DTRIC Insurance Co. Ltd. after purchasing the remaining shares of the company.

The Japanese firm, which owned 74 percent of DTRIC before buying out the minority shareholders, said Tuesday it is investing $20 million into DTRIC to expand its insurance lines in Hawaii. That's in addition to the purchase price, which wasn't disclosed.

DTRIC, which has 105 employees, will continue under existing management and remain a separate entity, the company said in a news release, adding that the transaction will not affect day-to-day operations.

In addition, Aioi Nissay Dowa acquired Royal State Financial Corp., now known as DTRIC Management Co. Ltd., which will provide underwriting and management services to the local company.

"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," Michele Saito, DTRIC president and CEO, said in a news release.

Yuichi Ito, chief representative from ADI, added, "We believe the acquisition was a natural evolution of our close working relationship with the local DTRIC team. We have long been impressed with DTRIC's loyal customer base and its strong relationships with its clients, and we look forward to working together to build on these qualities and develop synergies with ADI's strength in auto insurance."

The Japanese insurance group has been the majority shareholder since the 1992 inception of DTRIC, which sells personal auto, homeowner's and renter's policies in addition to commercial lines of insurance including general liability, property and workers' compensation.

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