R & B INSURANCE CORPORATION was incorporated on May 11, 1959 and duly licensed by the Insurance Commission on June 1, 1959. Its corporate existence was extended for another fifty (50) years until May 11, 2059 as adopted on Dec. 12, 2008 by a majority vote of the Board of Directors and by the vote of the stockholders owning or representing at least 2/3 of the outstanding Capital Stock of the Corp. Pursuant to Administrative Order No. 301 dated June 3, 1959, the company was authorized by then Philippine President Carlos P. Garcia to likewise engage in suretyship.
R & B was founded by pioneering and prominent Filipino businessmen, the Romans and Banzons of Bataan, from whose initials the company derived its corporate name. The Company is engaged in the insurance of non-life risks and the issuance of surety contracts, as well as reinsurance.
Rather than to accept all risks offered for the sole purpose of increasing business volume, R & B had decided to underwrite conservatively by carefully screening risks through underwriting standards that minimize risks with patent moral hazards. In rejecting such undesirable risks, R & B is able to devote its time and resources to its clients who sincerely need
financial protection in times of their needs such as occurrence of fortuitous events. R & B enable its clients to enjoy the person-to-person service without having to go through a lot or red tape. Despite the absence of gimmickry and publicity, R & B’s clientele has remained loyal through the years because of the realization that the Company’s No Frills Service, is in essence service where it counts most-protection promptly provided when the misfortune arises.
With its financial resources, with its tract record, and with its underwriting and prompt claims settlement practices, R & B Corporation confidently assures its clientele that its promise to provide financial protection in times of need is a promise that is sincerely meant to be kept.
ESTABLISHMENT: R & B Insurance Corporation was established in May 11, 1959 to serve as the non-life Insurance company for then sister company Republic Bank.
PRESENT STATUS: R & B is a fully operational company with proper automatic reinsurance facilities. Its latest Certificate of Authority, or annual license to do insurance business from July 1, 2011 – June 30, 2012 was issued by the Insurance Commission on July 1, 2011. Administrative Order No. 301, issued by then President Carlos P. Garcia allows R & B to issue surety bonds in favor of the government and other entities. R & B has maintained continuous operations for the past 53 years as it has consistently complied with the Insurance Code’s margin of solvency requirements. R & B has no pending claims or any adverse record with the Insurance Commission.
PURPOSE: R & B’s main purpose is the insurance and reinsurance of all non-life risks and the insurance and reinsurance of surety bonds. R & B has the authority to grant real estate mortgage loans.
FINANCIALS:
Paid Up Capital as of Dec. 2011 131.750M
Paid Up Capital as of Dec. 2010 125.5M
Paid Up Capital as of Dec. 2009 100M
Paid Up Capital as of Dec. 2008 95.3M
Net Worth as per 2011 Audited Financial Statements 141.3M
Total Assets as per 2011 Audited Financial Statements 151.1M
REAL PROPERTY ASSETS:
The company owns two office Condominium Units. One Unit is at the Ayala-FGU Centre along Ayala Avenue with an area of 260.18 sq.m. with six (6) parking slots acquired at P31M. It is presently being leased to Cooper Industries International with a monthly rental income of P132,000. Lease Contract will expire on May 31, 2012. The other one is at the Petron MegaPlaza Bldg., along Sen. Gil Puyat Avenue acquired at P19M with an area of 232sq.m. with one (1) parking slot which is being used as the Head Office of R & B. It also owns other properties which will definitely boost the income of the company once these are sold.