HONOLULU - Hawaiian Electric Industries Inc., a utility that has diversified into financial services, said it is leaving the property-casualty insurance business as a result of mounting claims related to Hurricane Iniki.

It said it will take a $17 million fourth-quarter writeoff of its remaining investment in Hawaiian Insurance Group, and may consider additional reserves to cover employee severance and other items.

Policyholder claims exceed $300 million, up from the $200 million estimated in the third quarter.

Hawaiian Electric also owns American Savings Bank, the state's second-largest thrift. But it said none of its noninsurance assets or subsidiaries will be used to Pay insurance claims.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.