The COMMONWEALTH INSURANCE COMPANY (CIC) was founded by patriarch Don Andres Soriano in 1935, Its ownership has been transferred from different hands until the present professional group of enterprising investors took over on October 7, 1997. These investors was ably led by Mario A. Noche, who eventually became the Chairman of the Board and concurrently the Chief Executive Officer and President of Commonwealth Insurance Company.
From the time new management took over the corporate operations of CIC it grew like a verdant TREE. CIC from no branch outfit, in the third year of its massive operations nation wide, has expanded its organization to 35 active branches from Luzon to Visayas and Mindanao. From the Lowest ranking of positively No. 85 lowly insurers in 1997, it has jumped in 2004 to No. 29 and now No. 13 as of June 2014 based on premiums earned among the 70 non-life insurance companies listed in the Insurance Commission.
During the period under review, CIC has successfully attained its landmark achievement as one of the oldest and reputable Insurance Companies after eight(8) solid years of massive operation nationwide. It has gained the respect and valued patronage of multinational and domestic corporate accounts. As the business operations grow, the accreditation with leading Financial Institution like banks and leasing/finance companies have been established as proof of the increasing credibility of CIC in this country. Settlement of valid claims most especially carnap vehicle and fire have been given preference and special attention by the board of management.
It is the vision and mission of the top management to improve further the professional service to our growing clientele and create better relations with those institutions and corporate clients.