Dongbu Insurance Co., one of South Korea's leading insurance companies, plans to begin offering automobile and homeowners policies in Hawai'i.

The insurer recently obtained offices on Kapi'olani Boulevard and is starting to hire half of the about 10 employees it will start business with here, said Amanda Chang, an attorney for the company.

Dongbu is the first company to qualify for a Hawai'i insurance license under the state's 2004 Port of Entry legislation. Under it, foreign insurers that obtain a license, establish a trust account and meet other requirements here can do business elsewhere in the United States.

Hawai'i Insurance Commissioner J.P. Schmidt said several other foreign companies are considering establishing offices here. Only nine states have port of entry laws, Schmidt said.

"We already have had a number of inquiries and are working with a number of different companies," Schmidt said. He said the state may benefit from Dongbu's proximity to Asia as well as its cultural ties. Dongbu, part of South Korea's Dongbu Group, also might offer hurricane coverage locally.

"Dongbu is one of the largest property and casualty insurers in Korea, so bringing a large established company like that into Hawai'i to do business always helps improve competition in the market and help keep rates low for consumers," Schmidt said.

Reach Greg Wiles at gwiles@honoluluadvertiser.com.