In October 1935, William Benjamin, an Adventist Christian and insurance professional, made a landmark presentation to Seventh-day Adventist Church leadership. At the height of the Great Depression, who would have thought that a special $25,000 appropriation request would fly? Yet Mr. Benjamin had an idea, that the Adventist Church should fund and operate its own insurance company.
Thus it was that on April 23 1936, the International Insurance Company of Takoma Park Maryland was licensed and began insuring church properties. Over the years, other insurance and risk management business units would develop, eventually leading to the establishment of Adventist Risk Management, Inc. in 1995.
Here’s a brief look at some of our historical highlights:
1860 Seventh-day Adventist Church established.
1935 William Benjamin presents captive insurance company concept to Adventist Church leadership.
1936 Adventist Church appropriates $25,000 to establish the International Insurance Company of Takoma Park, Maryland.
1958 General Conference Insurance Services, Inc. (later named Gencon Insurance Service, Inc.) is founded, allowing the Adventist Church to purchase insurance directly from the commercial market.
1969 Gencon Agency, Inc. formed to provide direct access to personal lines of insurance for denominational employees.
1978 European regional office established in St. Albans, United Kingdom.
1987 Gencon Insurance Company of Vermont begins operation and all denominational insurance policies are transferred to this new company.
1995 Adventist Risk Management, Inc. established and officially recognized as an institution of the worldwide Adventist Church.
2000 Adventist Risk Management, Inc. – South America is incorporated under the ARM umbrella to serve Adventist Church organizations in South America.
2004 The Gencon Insurance Company International, Ltd. is established in Gibraltar to allow more effective operations within the European Union.
2010 Gencon Adventist Protection Group, Inc. formed to serve the risk management needs of the Seventh-day Adventist Church in Canada.
2014 Activities of Gencon Agency, Inc. and Gencon Insurance Service, Inc. merge into Adventist Risk Management, Inc.