Fortune General Insurance Corporation

Fortune General Insurance Corporation

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Fortune General Insurance Corporation

Corporate profile

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.

Fortune General 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.

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