- The Company’s original business name, Pyramid Insurance Company, Inc. was registered with the Securities and Exchange Commission on July 27, 1964 with authority to write all types of non-life insurance and reinsurance policies granted by the Office of the Insurance Commission. It was also authorized to act as surety under Administrative Order No. 128 issued by the Office of the President of the Republic of the Philippines on July 7, 1965.
- The name was changed to Insurance of the Philippine Islands Co., Inc. (IPI) on November 20, 1992. All throughout its corporate existence, IPI had maintained its reputation of prudent and constructive insurance and underwriting practices despite the very stiff competition offered by other insurance companies.
- Except for the additional capitalization requirements which its stockholders believed was unnecessary, IPI had been consistently in compliance with all the regulatory requirements of the OIC, SEC and BIR. IPI surrendered its license and has stopped operating as a non-life insurance company since July 1, 2012 but remains to engage as real estate lessor of its four (4) condominium units. It continues up to the present to service payments of both direct and reinsurance claims, reinsurance payables and all other liabilities.
- In January 2017, IPI’s name was further amended to 107 Exchange Insurance Broker, Inc. and was authorized to act as an insurance and reinsurance broker. It currently holds Insurance Broker’s License No. IB-02-2021-R and Reinsurance Broker’s License No. RB-01-2021-R which remain valid until December 31, 2023.
- Based on its latest audited financial statements as of December 31, 2021, its Total Assets amounted to P247.8M, Liabilities of P28.5M and Total Shareholders’ Equity of P219.4M of which P175M pertained to Paid-in Capital.
- Its main investments consist of three (3) condominium units at the Exchange Corner Building located at the corner of V.A. Rufino and Esteban Streets, Legaspi Village, San Lorenzo, Makati and a condominium office at Cebu Holdings Center, Cebu City with a combined market value of over P200M, together with investment in stocks and bonds valued at P36.7M.
- The Board of Directors and Officers are as follows:
Jose Luis L. Yulo , Jr. – Chairman
Ceasar S. Thelmo – Director
Corazon G. Camañag – Director/President
Rolando E. Estrella – Director
Francisca L. Alincastre – Director/Corporate Secretary
Yolanda L. Dumaraos – Finance Officer
Cristina I. Tomas – Insurance Broker
Arnulfo C. Padua – Reinsurance Broker
- The List of Stockholders are as follows:
Group Management Corporation
Benthel Development Corp.
Corazon G. Camañag
Francisca L. Alincastre
Jose Luis L. Yulo, Jr.
Herminio S. Aquino
Ceasar S. Thelmo
Rolando E. Estrella