BF GENERAL INSURANCE COMPANY, INC. was established in 1961 and has been in existence for over fifty (50) years now with a vision to be the first choice non-life insurer and innovative financial services provider, ready to face the challenges and demands of a globalized market.
The Company was originally named as Trust Insurance Corporation back in 1961 and in 1976, it was changed to Trust Assurance Corporation. The name BF General Insurance Company, Inc. was officially adopted in 1980.
The 50-year term of existence of the Company had already lapsed, however, it was reincorporated on November 22, 2011 for another fifty (50) years.
In December 2016, the Company has implemented a major revitalization program. With a new board of directors and management team at the helm, the company renewed its commitment and determination to maintain its dominant presence in the industry as a preferred provider of responsive, adequate and competitive non-life insurance coverage with full support and delivery of professional and client-oriented service.
The Company’s new major stockholders have moved to boost the Company’s financial capacity with a continuing program of capital build up and have approved the increase of the Company’s authorized capital to P550 Million to meet the new minimum networth requirement under the Revised Insurance Code. As of December 31, 2016, the Company’s Total Assets stands at Php849.20 Million and a Networth of Php738.12 Million.
Aligned with the new directions to enhance the operations of the Company in other areas, the new management is pursuing the expansion of the Company’s branch networks. We now have eleven (11) branches nationwide and is soon slated to open more branches in various locations to widen the company’s production network.
The new management team, thru UIB Asia Reinsurance Brokers Pte. Ltd., one of the top largest global insurance and reinsurance brokers in the world, has negotiated a large reinsurance capacities in all major lines of business (i.e. fire, engineering, marine hull and cargo and general accident), supported by reputable and well rated global reinsurers to back its goal to become a dependable and highly regarded brand in the jumbo and high value segment of the insurance market.