MAA General Assurance Phils., Inc. (MAAGAP) is part of the fastest-growing network of insurance companies established worldwide by the Malaysia-based MAA International Shd. Bhd., the offshore investment arm of the MAA Holdings Berhad, Kuala Lumpur, Malaysia. This division was tasked to oversee the international composite insurance operations involved in the provision of life and general insurance, and reinsurance business.
The Executive Chairman of MAA Holdings Berhad, Tunku Dato' Yaacob Khyra, has been constantly setting up the idea of seeking new overseas business expansion
opportunities in his agenda with the firm belief that Asia will be on the forefront for global growth. The MAA Group is renowned for its strict adherence to global standards, timely responsiveness to insurance needs, and for its distinctive personal approach complemented by its high-technology infrastructure in all its interface with both corporate and individual clients.
MAA International Group Limited (MAAIGL) entered the Philippine market through the acquisition of a local insurer, Paramount Insurance Corporation, and renamed it MAA General Assurance Philippines, Inc. (MAAGAP), after having secured its license to operate from the Insurance Commission on July 13, 2001.
MAAGAP's President/CEO, Mr. Daniel C. Go spearheaded a young and dynamic team who synergized with his direction and perseverance that ushered the Company into the country’s non-life insurance industry encircled by 96 existing players and emerged with a number of achievements during the infancy of its operation with an initial paid-up capital of Php 150 Million.
Despite customary differences in management approach and system, the Malaysian counterpart has strongly advocated the leadership quality of Mr. Go by conjointly undergoing a profound cultural change and developing the strength of their own key people to further motivate them into a whole new breed of pacesetters and propel the Company to even greater heights of success.
Under Mr. Go's sound direction and perseverance, MAAGAP witnessed a fast and steady growth when in its first full year of operation in 2002, it started to savor and reap the fruits of its resounding success by reaching a GPW hp 350 M, an unprecedented and incredible triumph in the annals of the Philippine Insurance industry for two decades between 1982 to 2002.
The birth of MAA General Assurance Phil., Inc. (MAAGAP) took place when its parent company, MAA International Group Ltd. (MAAIG) from Malaysia ventured to strategically expand its business in Asia. MAAIG is an offshore composite insurance company licensed under the Offshore Insurance Act 1990 in Labuan International Offshore Financial Centre (IOFC) to underwrite life and general insurance and reinsurance business. Gearing for the planned expansion, MAA procured the insurance license of the then Paramount Insurance Corporation and renamed it MAA General Assurance Phil., Inc.