Monarch Insurance Services Inc., a 26 year-old Hawaii-based company, has purchased Bishop Insurance Agency, a division of American Savings Bank. The exact purchase price was not disclosed.
Monarch will focus on providing excellent customer service to the existing Bishop customers. Positions will be offered to some current Bishop employees; and branches will be assessed with the intent of maintaining those serving larger numbers of clientele, according to Monarch.
“This will enable us to focus on our core banking, products and service,” said Tim Schools, president of American Savings Bank.
Monarch Insurance is a property and casualty broker with offices in Honolulu; San Francisco, California; Denver, Colorado and Bend, Ore. Bishop Insurance is the oldest insurance agency in Hawaii, founded in 1859 and bought by American Savings Bank in March 2001.
Source: Monarch, American Savings
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