SEC okays merger of Fortune, Citystate

The Securities and Exchange Commission (SEC) has approved the merger of Fortune Guarantee and Insurance Corp. and City-state Insurance Corp. resulting in a paid up capital of P200 million and improved business operations.

Fortune Guarantee, fully owned by the ALC Group of Companies led by Ambassador to Laos Antonio Cabangon-Chua, is the surviving entity in the merger which is expected to bring an improved product portfolio and increased business.

The merger has allowed Fortune Guarantee to renegotiate for better terms with its reinsurance panel led by Swiss Re an AA+ rated firm by Standard and Poor’s. The other reinsurers include Sirius, Odyssey Re, China Re and Best Re.

With the merger, Fortune’s assets topped more than P500 million. It is now in the top 25 ranking with a nationwide network of more than 30 branches and general agencies, and a manpower complement of 200.

Fortune Guarantee president Michael F. Rellosa said "the commitment of the new management team to its clientele is the institution of the best of practices of both companies and service standards at par with global practice."

Rellosa also said that the firm’s "products are under review" and "more responsive products at popular prices" for the retail markets are under way.

Fortune’s board chairman emeritus is Ambassador Chua while the chairman is J. Antonio A. Cabangon Jr. and the vice chairman is Justice Domingo Rabalate.

The other directors are D. Alfred A. Cabangon, D. Arnold A. Cabangon, D. Edgard A. Cabangon, Robert Jose Pabalate, Helena Joy Pabalate, Armando Trinidad, Benjamin V. Ramos, Gen. Fortunato Abat, Dorothea Sibal, Leow Siak Fah and Quirino Marquinez.