Founded by Mr. Gerald (Gerry) Jutsun, the first ILACO Financial company was founded in 1992 in Canada, albeit the company name is actually an acronym for the Indian Life Assurance Company or ILACO. Pronounced with a short i followed by "taco" with an L, the original ILACO was first formed in the 1920's by his great grandfather, Cincinnatus D' Abreo, as one of the first indigenous insurance and finance companies in India.

With the demise of Mr. Jutsun's own national defense and security technology company in 1996 (see www.gdscanada.ca), he set out to formulate a business model that ensured that companies were immune to the vagaries of risk, both internal and external and that could sustain a growing enterprise model despite hostile market conditions.