Financial Stability and Security

Times have changed; it is no longer possible to consider that the biggest companies are always the strongest. Look at General Motors or A.I.G.

Many people used to put great store in company ratings; it has now been proved what a mistake that can be. The ratings “system” traditionally favours the largest companies and just because a name is well known, and has a high looking rating recent events prove that this does not necessarily mean it is secure. As a smaller independent insurance company the rating system does not reflect our true strength as a disproportionate part of the criteria which determines the rate is solely linked to size not stability, consequently we do not purchase ratings.

General & Medical Insurance Ltd is a fully capitalised insurance company regulated in Guernsey by the Guernsey Financial Services Commission. Where we maintain in excess of 300% of the minimum solvency requirement.

We at General & Medical purchased exceptional loss insurance from A.I.G. until 2008 to give comfort to our clients that we had the “largest insurance company in the world” behind us, in 2008 it became obvious to us that we were stronger than the giant we were relying on. We talked to our regulators and they unhesitatingly agreed it was pointless continuing to purchase this type of cover, as we were inherently strong enough to cover our liabilities.

General & Medical Finance Plc is regulated by the Financial Services Authority in the UK and its services are covered by the Ombudsman service and the Financial services compensation scheme.

The General & Medical Group does not invest in equities, and has no exposure to any subprime or similar investments, therefore its capital and reserves have been unaffected by the turmoil in the financial markets.

General & Medical is an independent specialist medical insurer, not part of a larger organisation or a division of a composite insurer. Therefore we are fully focused on our main business activity.

We hope this will help you to see we are here for the long term looking after the medical insurance requirements of our clients now and into the future. We have already been doing it for over 20years!