The general insurance business carried on by the Philippine branch of the Union Insurance Society of Canton Ltd. has been transferred to Paramount General Insurance Corp.

With the transfer, which took effect last December 3, 2001, "all in-force policies issued by Union Insurance shall remain valid and all liabilities arising from such policies will be assumed and settled by Paramount." And upon completion of the transfer, Union Insurance will cease to carry on any class of insurance business.

Paramount General was the former Semper Insurance Corp. The company was acquired in February 1993. Offering a full range of insurance coverages to its clients, Paramount General mainly caters to the corporate and medium to large business market segment.

Union Insurance, on the other hand, opened its Philippine branch in 1904. It was acquired by British insurer Guardian Royal Exchange (GRE) in 1960 but became a wholly-owned subsidiary of the AXA Group when the latter bought GRE in 1999.