Advantage General Insurance Company Limited
Advantage General Insurance Company Limited (formerly known as United General Insurance Company Limited) commenced operations in May 1964.
The company has recorded phenomenal growth over the years, moving from a gross premium income of J$10.0 million in 1986 to over J$3.0 billion today, with a customer base of over 80,000 policyholders.
The company is recognized as market leader, commanding over 17% of gross premium, in a highly competitive market of twelve players.
In 2004, with a dramatic increase in frequency and severity of catastrophic events over the 2004/2005 period and a demand for greater solvency levels and increased capitalization, additional pressure was placed on the company’s capital structure; this led to Portland’s decision to invest in the organization which otherwise would have resulted in regulatory intervention and serious repercussions for the Financial sector.
Portland’s significant investment in April 2006, resulted in the acquisition of over 80% of the organization. Under a new Board of Directors, Advantage General Insurance Company Limited has moved swiftly to improve operating results, and restore profitability while managing exposure and meeting all regulatory standards. The company reported a net profit of J$23m at the end of 2006.
The backbone of Advantage General continues to be strong partnerships with premier reinsurers, intermediaries, staff and the many loyal customers. The company remains committed to surpassing customer expectations through consistently living Core Values of Integrity, Accountability and Love.
At Advantage General, ‘OUR RELIABILITY IS YOUR PEACE OF MIND’.