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Fortune General Insurance Corporation traces its pedigree back to June 13, 1955, the establishment of Mutual Security Insurance Corporation. In November 1986, the ALC Group of Companies headed by its Chairman, H.E Ambassador Antonio Cabangon-Chua, acquired the majority share of the Corporation and changed its name to Fortune Guarantee & Insurance Corporation.
The ALC Group also ran another non-life entity known as Citystate Insurance Corporation, in partnership with British, then Singaporean and American partners, notable of which were the Leow family and their Citystate Group and Liberty International of the US (a Fortune 500 Co.). In late 2002, Ambassador Cabangon-Chua bought out the majority share and ended up with control of two non-life insurance companies. In an era of globalization, a hardening market and stiff competition, logic dictated that both companies be merged.
On the 10th of July 2003, the Securities and Exchange Commission gave its approval for merger, with Fortune Guarantee as the surviving entity. The merger resulted in the Company with Ps 200M in paid-up capital, over Ps 500M in assets and expected Gross Premium Written of Ps 450M by end 2007. Stronger financials, a larger combined portfolio, an improved re-insurance treaty program coupled with a new management team with international experience and global outlook, positions FGIC in the forefront of the industry.
To complete the transition, Fortune Guarantee & Insurance Corporation re-branded itself in late 2004, into Fortune General Insurance Corporation, and in the process adopted a new logo in line with the coalition of Fortune Life Insurance Co., Inc., Fortune Medicare Inc., and Fortune General Ins. Corp. into the Fortune Insurance Group.
The coalition of the three leaders in their respective fields of specialty was conceptualized with the benefit of their clients in mind. Clients may now obtain their various insurance and healthcare needs from one group and rely on their individual expertise, combined strength and a common culture of service.
We continue to stand by our commitment to continue being the insurer of choice.