Paramount agrees to acquire QBE’s business in the Philippines
December 11, 2018
(Left to Right): George T. Tiu, President & COO of Paramount, Patrick L. Go, Chairman & CEO of Paramount, Mat Siva, Head of Mergers & Acquisitions of QBE Insurance Group Ltd., Joli C. Wu, President of QBE Seaboard, Larry Wu, Head of Retail of QBE Seaboard
Paramount Life & General Insurance Corporation (“Paramount”) today announces that it has entered into definitive, conditional agreements with QBE Asia Pacific Holdings Limited (“QBE”) and Seaboard Eastern Insurance Co., Inc (“Seaboard”) to acquire a 100% interest in QBE Seaboard Insurance Philippines, Inc. (“QBE Seaboard”). The acquisition will further enhance Paramount’s footprint and position in general insurance in the Philippines and is in line with its strategic priority to accelerate growth.
Commenting on the transaction, Patrick L. Go, Chairman and Chief Executive Officer said:
“The opportunity to bring these two organizations together will be another important milestone in realizing Paramount’s goal to become a leading insurance company in the Philippines.
Each has a heritage of strength in distribution through local agencies, which together will serve existing customers better and enable us to reach out to many more Filipinos, both globally and nationwide. QBE Seaboard’s portfolio in commercial lines will add to our existing customer, segment and product offerings. After completion of the sale, both existing clients and intermediaries can look forward to a larger network of branches and a continuing partnership with a local company that truly understands and is committed to the Philippine market.
Paramount & QBE Seaboard know each other well and share similar values. We will work together with the employees and channel partners of QBE Seaboard to bring the two businesses together ensuring a smooth transition for all our stakeholders.”
The transaction is expected to be completed in the first half of the calendar year 2019, subject to the appropriate regulatory approvals in the Philippines.
For further information, please contact:
Paramount Life & General Insurance Corporation
About Paramount Life & General Insurance
Paramount’s more than 65 years of experience and expertise in the industry has fortified its hold on both life and non life insurance lines. It has more than 500 employees, operating from over 40 branches nationwide. From a financial standpoint, it has total assets of Philippine Pesos 4.7 Billion supported by a book value of shareholder’s equity of Philippine Pesos 1.6 Billion. Paramount has been active as a consolidator within the insurance industry in the Philippines since the early 1990s. It has a substantial track record of success in integrating businesses within the Paramount platform.
Paramount Life & General Insurance Corporation launches a new website
January 15, 2018
We are excited to share with you the launch of our redesigned website.
It also showcases these new functions to make your experience of our site better.
- Product Inquiry / Get a Quote Page: allows us to get in touch with you and provide you with a proposal suited to your need/request.
- Forms Page: a collection of downloadable forms that you can use for policy changes, payment or claims.
- FAQs Section: a compilation of frequently asked questions about our products and services that you can easily refer to.
Take a look and explore the new website.
Paramount Life & General Insurance Corporation complies with and supports the Philippine Insurance Commision's mandate on securing the medical information of its clients.
July 31, 2017
MANILA, Philippines Prior to the passage of data privacy legislation in the Philippines, particularly Republic Act No. 10173, otherwise known as the "Data Privacy Act of 2012", life insurance companies have already shared medical & non-medical information, including information of our policyholders, among themselves through an existing Medical Information Bureau (MIB) administered by the Philippine Life Insurance Association (PLIA). The sharing of medical & non-medical information was done in order to enhance risk assessment and prevent fraud.
In accordance with the Insurance Commission's Circular Letter No. 2016-54, our policyholders’ medical & non-medical information previously collected by the MIB will be uploaded to a Medical Information Database (MID) accessible to life insurance companies. Once uploaded, all life insurance companies shall have limited access to our policyholders’ information in order to protect their right to privacy in accordance with law. A copy of Circular Letter No. 2016-54 may be accessed at the Insurance Commission's website at @ www.insurance.gov.ph
Insurance Commission of the Philippines renews Paramount Life & General Insurance Corporation's Certificate of Authority
February 5, 2016
MANILA, Philippines - Paramount Life & General Insurance Corporation (PLGIC), one of the leading providers of Life, Non-Life & OFW insurance in the Philippines receives its Certificate of Authority from the Insurance Commission of the Philippines last February 4, 2016.
This certification re-affirms Paramount's stability as an insurance provider as it was able to meet the minimum capitalization and net worth requirements of the Insurance Commission.
Moreover, this certification confirms the company's license to operate in the Philippines for the period of January 1, 2016 to December 31, 2018.
Paramount Life and General Insurance Corporation (PLGIC) and Philippines Business Bank (PBB) solidify strategic partnership
October 7, 2015
Paramount Life and General Insurance Corporation (PLGIC) and Philippines Business Bank (PBB) have agreed to form a strategic partnership to better serve their clients towards financial security.
The partnership shall be a thrust towards the education of Filipinos about the true value of Financial Planning and Family Protection. Through this program, clients will be given tailor-fitted service that is based on their needs and wishes for their families.
PLGIC together with PBB hopes that this venture will lead to the fulfillment of Paramount’s mission of protecting what is important to every Filipino family.
PLGIC PARTICIPATES IN THE 27TH EAST ASIA INSURANCE CONGRESS
November 7, 2014
(Left to Right): Jocelyn Po, Head of Treaty Reinsurance-Aon Benfield Insurance & Reinsurance Brokers Philippines, Inc., Edilberto A. Casiño, David Cousar, Executive Director and Head of Asia Facultative, Aon Benfield Asia Pacific, Criser C. Causing, SAVP for Marketing, Paramount Life & General Insurance Corp., and George T. Tiu, President and COO of Paramount Life & General Insurance Corp.
MANILA, Philippines – Paramount Life & General Insurance Corporation participated in the 27th East Asia Insurance Congress entitled “Insurance at the Cross Roads: Coping with the Change”. The event was held at the Taipei International Convention Center from November 2 to 6, 2014. It discussed the future of the insurance industry in a rapidly aging society and how to strike a balance between risk, growth and profitability while adapting to change in order to build sustainably.
PLGIC'S EXECUTIVE OFFICERS JOIN MUNICH RE'S 3RD REGIONAL CEO FORUM 2014
September 18, 2014
MANILA, Philippines – Paramount Life & General Insurance Corporation’s executive officers (Left to Right) Patrick L. Go – Chairman & Chief Executive Officer, Rosanna L. Go – Executive Vice Chairman & Treasurer, and George T. Tiu - President & Chief Operating Officer attend Munich RE’s 3rd Regional CEO Forum entitled “Leading in a World of Possibilities” at Capella Singapore, Sentosa. The event gathers more than 50 top executives along with Munich Re to address the current economic developments, impacts on the re/insurance industry, as well as ASEAN’s rising prospects and how to leverage regulatory developments for ERM implementation.
Healthway signs contract with Paramount Life & General Insurance Corporation
September 10, 2014
Healthway Medical, the most trusted and preferred network of mall-based clinics in the Philippines, was recently selected to partner with Paramount Life and General Insurance Company (PLGIC) to provide additional benefits for the existing and prospective members of Paramount’s ER card.
“We know that Healthway is a reliable partner and that they are the experts and most trusted and preferred mall-based clinics,” Mr. George T. Tiu, President and COO of PLGIC said in an interview.
ER Card is the company’s pre-paid, one-time-use card that covers emergency medical expenses and is accepted in more than 300 MedAsia accredited hospitals throughout the country.
Depending on the chosen plan amount, the card offers clients two other benefits: Accidental Death benefit and/ or Disablement and Burial Assistance.
PLGIC RECEIVES A RECOGNITION FROM THE LIFE UNDERWRITERS ASSOCIATION OF THE PHILIPPINES (LUAP)
August 28, 2014
MANILA, Philippines – The Life Underwriters Association of the Philippines (LUAP) recognizes Paramount Life for having a MDRT qualifier, Mr. Ted Tinsay of the LPP Business Channel, given today during the MDRT Echoing event at the Crowne Plaza Hotel.
Also in the photo is one of our Agency Directors, Mr. Jon Pineda.
Paramount Marks Its 65th Anniversary
Paramount Life & General Insurance Corporation, one of the leading providers of Life, Non-Life & OFW insurance in the Philippines, marks its 65th year anniversary of being in business.
Founded by the late Daniel C. Go in 1950, the company started out in the property and casualty business as Paramount Insurance and Surety Corporation and later on acquired several other companies including Aegon Life Insurance Philippines, Manila Bankers Life Insurance, & Sony Life Philippines in order to expand its business portfolio to include the life insurance business.
From these humble beginnings grew a vibrant company that today thrives as Paramount Life & General Insurance Corporation (PLGIC). Today, with more than 500 employees and over 50 branches nationwide, Paramount has one of the most extensive sales and marketing networks in the industry.
“Paramount has revolutionized the way Filipinos are protected by providing them with products that will truly address their needs without putting too much strain on their budgets” according to George T. Tiu, President and COO.
“Achieving this milestone reminds us of the many employees, past and present, who have made our company the highly respected insurance provider that it is today.”
The anniversary celebration is supported by a variety of initiatives including an anniversary-specific campaign entitled PARAMOUNT AT 65: INITIATE, INNOVATE AND INSPIRE which showcases Paramount’s new corporate goal of fostering innovation and ingenuity in order to deliver better products and services.
Human PLGIC 65th Year Logo
Kicking off the company’s anniversary celebration was Paramount’s Summer Party held last April 17, 2015 at Chateau Royale Sports and Country Club. Shirts and all materials given away during the company outing reflect the 65th year logo. In addition, numerous raffle prizes were given away to employees as a way of thanking them for their loyalty and service to the company.
Meanwhile, the highlight of the day was the formation of the largest human PLGIC 65th Year logo which gathered more than 200 of Paramount’s employees while holding up blue, yellow and black colored umbrellas as a way to commemorate this milestone.
Alongside the 65th Year campaign, the Office of Chairman/CEO and Executive Vice Chairperson launched the Paramount X Prize, an inter-office contest that encourages employees to think about platform strategies and innovations while continuing Paramount’s client purpose: “To protect what’s important for you”.
As Paramount looks forward to the next 65 years, the same unwavering values serve as our guide: Loyalty, Integrity, Flexibility and Excellence.