History
Following a change in ownership in 2003 and a complete board and management
transformation, FGIC has re-created itself with the principal goal of providing niche insurance
products for the ever-changing and growing insurance industry.
As a result of the new board and management's proactive and focused actions, Fenchurch General Insurance Company enjoys a healthy rating from A.M. Best and a Minimum Capital Test Ratio in excess of the minimum recommended levels as prescribed by the Ontario Financial Services Commission.
Fenchurch General Insurance Company (FGIC) was incorporated as an Ontario regulated insurance company in 1981. Canadian owned and operated, FGIC is based in Mississauga Ontario and is licensed to write a wide range of insurance throughout Canada
Vision
Our intention is to become a leader in new, innovative and unique specialty programs that provide our partners with the tools needed to succeed. We provide custom tailored, cost effective insurance solutions to a wide range of companies in todays fast moving and ever changing business environment.
We continue to pursue and support the growth of niche programs that complement our existing strategy. These include strategic alliances within our existing lines of business as well as new specialty line programs.
We offer competitive products accompanied by unsurpassed support services to our partners, brokers and their customers. These products are distributed through respected third party administrators, brokers and agents who share our vision of writing profitable business supported by excellent customer service.
Financial Strength
Each year Property & Casualty Insurance Companies are required by law to file their P&C 1 Annual Returns. This enables the Office of the Superintendent of Financial Institutions to assess the financial condition of any Canadian insurance company against certain minimum and maximum financial, credit and leverage levels to ensure they are properly reserved and are not leveraging themselves to a point where their ongoing viability is put at risk. On all of these tests, Fenchurch has consistently surpassed the required levels.
One of the most important tests is the Minimum Capital Level Test (MCT). Every Property & Casualty insurer throughout Canada is tested quarterly by the submission of detailed financial information to their primary regulator. The submission outlines the company's available capital and the level required to support the business it writes. The regulator then determines the ratio of available capital that is required to support the business written. Fenchurch ended 2009 with a ratio of 375% of the minimum level required this compares very favourably with the industry average in 2009 of 230%.
Mandatory Industry Protection
As a Canadian licensed Property & Casualty underwriter, Fenchurch is required to be a member of the Property and Casualty Insurance Compensation Corporation (PACICC). PACICC was created to ensure that policy holders and claimants are protected in the unlikely event of the collapse of a P&C insurer in Canada. PACICC is an industry-funded, non-profit organization.