BUSINESS BRIEFS
S&P gives HMSA mixed review
Advertiser Staff and News Services
Standard & Poor's Ratings Services affirmed its "A" financial strength rating for the Hawaii Medical Service Association, saying the rating reflects HMSA's dominant market position and strong capitalization.
Standard & Poor's said HMSA has more than 65 percent of the insured market in Hawai'i and that it anticipates the health insurer will maintain this for the foreseeable future. Although HMSA's reserves took a hit with the recent market decline, it should continue to have adequate capital and liquidity, the agency said.
At the same time, Standard & Poor's maintained its negative outlook for HMSA, saying it reflects the insurer's declining operating performance. It expects HMSA's pre-tax losses will total between $35 million and $40 million this year.
Standard & Poor's said it was also withdrawing ratings for HMSA at the request of the insurer. An HMSA spokeswoman said the insurer made the request because of budgetary concerns.
BANKOH AIDS SOLAR ENERGY PROJECT
Bank of Hawaii is helping provide funding for a solar energy project at the South Pacific Academy in American Samoa.
The Honolulu-based bank is contributing $5,000 toward the $25,000 project, which will generate electricity for the school using 12 photovoltaic panels. The U.S. Department of Agriculture, is chipping in another $13,500.
As part of the project, which is expected to cut the school's electricity bill by $1,200 a year, the school will provide the American Samoa Power Authority with data received through photovoltaic solar panels.
In exchange for the data, ASPA agreed to provide partial funding for the project. The school plans to install the system and and have it operating by January.
"SPA is grateful to the Bank of Hawaii and the USDA for their tremendous support of this project and to ASPA for providing the final funding to make the project a reality," said school Principal Evelyn Lili'o.
HARRIS SPONSORING WAC VOLLEYBALL
The Harris Agency, a Honolulu-based advertising and pubic relations company, is the title sponsor of this week's women's Western Athletic Conference 2008 Volleyball Tournament.
The tournament runs through tomorrow at the Stan Sheriff Center on the University of Hawai'i-Manoa campus.
"We're very proud to be title sponsor of the WAC Championship," said Doug Harris president and chief executive officer of the Harris Agency. "We are firm believers in building awareness in the community for our clients, which is especially important during these tough economic times, so much so we're doing it for our own agency."
The Harris Agency, founded in 2004, is Hawai'i's third largest full-service communications agency that integrates advertising, design, marketing and public relations.
TOP TECH ENTREPRENEURS NAMED
Lorenz Sell of Blue Lava Technologies Inc. and Bob King of Pacific Biodiesel LLC are among the winners of the first-ever technology entrepreneur of the year awards given by the Hawaii Venture Capital Association.
The awards were given out during a ceremony last night by the group. Sell, who is also head of www.ILovePhotos.com, was given the group's Young Entrepreneur award, while King received the honor for being a clean technology entrepreneur.
Jason Lau of TalkStory Productions Inc. won the award in the digital media category, and Hank Wuh of Cellular Bioengineering Inc. was cited in the invention category.
