IFS Financial Services Inc. was initially founded in 1977 as International Financial Services Limited, to provide premium financing to the insurance industry. In 1982, a federal charter was obtained and the company was renamed IFS Financial Services Inc. Since our inception, we have been and continue to be, the largest privately held premium financing organization in Canada. As the only 100% Canadian owned company providing premium financing across Canada, we pride ourselves on our superior customer service and long standing relationships with some of the premier insurance brokers in Canada.
IFS Financial Services Inc. is one of the leading premium finance companies in Canada. We currently service hundreds of brokers and finance tens of thousands of contracts coast to coast. Many of our broker partners have been with us since our inauguration 30 plus years ago. IFS offers some of the most flexible financing arrangements and repayment plans available in the industry today. With arguably the lowest cancellation rate of any premium finance company, we provide competitive rates and superior customer service.
Our success has been achieved by providing our brokers with a true value-added service that can actually increase their business. As a broker partner, we are acutely aware that the broker is our customer and that we are, by virtue of our services, an extension of them. Their client, the policyholder, has the relationship with the broker and therefore it is of paramount importance that our actions complement and enhance this customer service experience.
Our broker partnership goes beyond simply words. We, as a true partner, believe in our brokersí ability to run their businesses. Therefore, we will finance a premium based upon the brokerís judgment as to the ability of their client to maintain the payments Ė we do not undertake a credit check of a brokerís client. Fully understanding that a client can have a wide range of reasons for not making a scheduled payment, we work with the broker throughout the life of a contract. We will not cancel a financing contract without first notifying the broker and then providing the client with every possible opportunity to meet the repayment obligations.
Our business philosophy is to form a true broker partnership, provide superior customer service and maintain an unmatched degree of flexibility in our service offerings. This philosophy is the reason for our continued success as the best and largest Canadian premium financing company.