HAWAIIAN ELECTRIC <HE> TO BUY HAWAIIAN INSURANCE Hawaiian Electric Industries said it has entered a letter of intent to buy the Hawaiian Insurance Companies. The transaction is subject to a definitive agreement, and government and board approvals. The Hawaiian Insurance Companies ad assets at the end of 1986 of 137.4 mln dlrs and earned premiums of 46.1 mln dlrs. Hawaiian Electric said it plans to operate the comapny, which has 226 employees, with current management.