Gencon Insurance Company of Vermont

The history of Gencon Insurance Company of Vermont began when the Seventh-day Adventist Church decided to control their level of risk. Incorporated in 1936 as the International Insurance Company of Takoma Park, Md (IIC). IIC operated successfully until 1982, when changes in Vermont’s legislation permitted the formation of captive insurance companies.

A captive is regulated by one jurisdiction and is not required to file rates and forms in other states, and is less expensive to operate. In 1986, Gencon Insurance Company of Vermont was formed as the successor to the International Insurance Company of Takoma Park, Md. It is estimated that $1 million is saved annually by operating GICV rather than IIC.

GICV currently insures the property, general liability, hospital professional liability, auto liability, and employment practices liability risk for denominational organizations. With assets in excess of $112.6 million and annual gross written premiums of $41,000,000 in 2003, GICV is a vital risk-financing tool for the Seventh-day Adventist Church. Through reinsurance agreements with quality commercial insurance companies, GICV cedes portions of its casualty and property risk to limit its exposures on individual losses and occurrences. As of December 31, 2003, GICV has shareholder’s equity in excess of $19.5 million.

Our Companies

Gencon Agency, Inc.
Gencon Insurance Company International, Ltd.
Gencon Insurance Company of Vermont
Gencon Insurance Services Inc.
UNIBRAS