Fortune General Insurance Company
Fortune General Insurance Corporation was born on June 13, 1955 with the establishment of Mutual Security Insurance Corporation. Thirty one years later, in November 1986, the ALC Group of Companies headed by Ambassador Antonio Cabangon-Chua, acquired the majority share of the company and changed its name to Fortune Guarantee and Insurance Corporation.
The ALC Group also owned another non-life insurance company known as Citystate Insurance Corporation. It was a 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 Company). It was in 2002 that Ambassador Cabangon-Chua bought the majority share in Citystate Insurance and had control of two non-life insurance companies. He then merged the company into one.
On July 10, 2003, the Securities and Exchange Commission gave its approval for the merger, with Fortune Guarantee as the surviving entity. The merger resulted in a company with P200 million in paid-up capital, over P500 million in assets and expected Gross Premium Written of P450 million by end 2007.
To complete the transition, Fortune Guarantee and Insurance Corporation re-branded itself in 2004 into Fortune General Insurance Corporation.
4/F, Citystate Centre, 709 Shaw Blvd. 1600