It was initially a fire insurer. In February 1998, the parent company, Commercial Union plc, announced a merger with General Accident plc. Commercial Union Assurance's name changed to CGU International Insurance plc and it became a subsidiary of the new holding company, CGU plc.
What is the Commercial Union Assurance Company?
Consequently, they increased their fire insurance rates so dramatically that a group of local merchants and brokers decided to form their own company. This became known as the Commercial Union Assurance Company. The company established its head office at 24-26 Cornhill in London in 1897.
When did Commercial Union become CGU plc?
It merged with General Accident in 1998 to form CGU plc . Commercial Union was established following a conflagration near London Bridge in 1861, known as the Great Tooley Street Fire, which destroyed a number of warehouses and wharves along the River Thames as a result of which the fire insurance companies were hit by a series of massive claims.
When did Provident accident and Guarantee Company go into voluntary liquidation?
The company was acquired by Commercial Union in September 1910, at which point it went into voluntary liquidation. The Provident Accident and Guarantee Company Ltd was established in London in July 1865. Originally called the Provident Clerks' and General Guarantee Association Ltd, the company changed its name several times.
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What happened Commercial Union insurance?
Commercial Union plc was a large insurance business based in London. It merged with General Accident in 1998 to form CGU plc.
Who bought Commercial Union?
Aviva plcCGU plc was a large insurance group, created by the merger of Commercial Union and General Accident in 1998. The company was listed on the London Stock Exchange. It merged with Norwich Union in 2000 to form CGNU plc, later renamed Aviva plc.
What is Aviva now called?
CGU. Formed by the merger of General Accident and Commercial Union in February 1998. Merged with Norwich Union in May 2000 to form CGNU, which changed its name to Aviva in 2002.
Is Norwich Union now Aviva?
History of Norwich Union In 2000, Norwich Union merged with CGU to create CGNU plc (renamed Aviva in 2002). The Norwich Union name was retained for the long-term savings and general insurance businesses in the UK.
Did Cgnu become Aviva?
The Board of Aviva plc (formerly CGNU plc) announces that the company has formally changed its name to Aviva plc with effect from today.
Are Cgnu certificates still valid?
CGU – still valid. CGNU – still valid. Friends Life Group Limited - share certificates were replaced with Aviva share certificates at the time of the acquision of Friends Life Group Limited by Aviva on 10 April 2015.
Who bought Aviva?
Apollo Global Management completed its purchase of Aviva USA on Wednesday for $2.6billion.
Which companies did Aviva take over?
CGU was formed following the merger of Commercial Union plc and General Accident plc, which was announced on 25 February 1998. On 21 February 2000, CGU announced a merger with Norwich Union plc to become CGNU plc, which was re-branded as Aviva in July 2002.
Did Aviva take over Prudential?
Prudential Retirement, a business unit of Prudential Financial (PFI), is expanding its global longevity reinsurance business with a new offering driven by a huge growth in the UK pension market.
Who took over Norwich Union shares?
Nothing has changed since its takeover by Barclays - this money is ring-fenced. It is also too late for the 62,000 shareholders who failed to claim an average of 300 Norwich Union shares. When Norwich Union merged with CGU on May 31 to create the new company CGNU, Norwich Union shares ceased to exist.
Who owns Norwich Union?
AvivaNorwich Union / Parent organizationAviva plc is a British multinational insurance company headquartered in London, England. It has about 18 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider. Wikipedia
Who underwrites Aviva?
Aviva has appointed Robert Morrison as chief underwriter. He joins Aviva after seven years at IFA protection specialist Bright Grey, where he was head of underwriting and claims. Before that he spent nine years with Abbey National Life. Aviva has appointed Robert Morrison as chief underwriter.
What companies did CU acquire?
In the United Kingdom, these included the largest of the specialist accident companies, Ocean; another composite, Union Assurance; and the oldest of all the British companies, the Hand in Hand. Abroad, it purchased two U.S. companies, the American of Philadelphia, Pennsylvania, and the California Insurance Company. Two of these acquisitions were a result of the 1906 San Francisco fire; CU was strong enough to withstand severe losses but other companies were not, and both Union Assurance and the American of Philadelphia were rescued by CU.
What is Commercial Union plc?
In 1990, the new holding company, Commercial Union plc, was formed under a scheme of arrangement to facilitate expansion into a variety of financial-service activities which complement the core businesses of life and general insurance. Operations comprise a comprehensive range of such services, including unit trusts and investment management, stockbroking, and personal equity plans.
What was the largest British insurance company in 1914?
By these acquisitions and its own vigorous expansion, CU's business grew rapidly throughout the world. By 1914 it was the largest of the British composite companies, with a premium income of £7.5 million--almost four times what it had been in 1901. CU's business continued to grow throughout World War I, despite disruption in Europe and the Atlantic, but it lost its number-one position in the British insurance industry in 1919, when two of its major rivals, Royal, and Liverpool & London & Globe, merged.
What was the first British company to handle all four classes of insurance?
CU had taken over several small companies in the 1890s to improve its geographical representation both at home and abroad, but its first strategic takeover was that of the Palatine Insurance Company of Manchester in 1900. Palatine not only had a useful fire business but had also achieved success in the relatively new field of accident insurance. By buying this company, CU gained a foothold in another fast-growing area of insurance, and became the first British company to handle all four classes of insurance--fire, life, marine, and accident.
What is CU insurance?
Commercial Union (CU) has been one of the leading names in insurance for more than one hundred years. In terms of premium income it is among the top three British composite--life and non-life--insurance companies. Its subsidiaries provide all types of insurance--fire, motor, accident, marine, aviation, and life, and from its earliest days CU has operated on an international scale. In 1989, just under 40% of its non-life business came from the United Kingdom, a similar amount from North America, and the rest from other countries around the world. Its life business is concentrated mainly in the United Kingdom and the Netherlands.
How did World War II affect CU?
World War II and its long aftermath of austerity in Britain halted CU's expansion in Europe for most of a decade. It took time to rebuild business connections in Europe. It was only in the 1950s that living standards in Europe began to rise again, to create more demand for insurance. The use of cars in the United Kingdom, for example, was severely limited by gas rationing until 1950, but increased rapidly after that.
What was the CU in the 1860s?
Thereafter, CU did not compete with the other companies on rates, but it continued to expand rapidly. The 1860s were a boom period for business in the United Kingdom, and CU's directors applied the same energy to building up their new company as to their own businesses. They recruited able managers from other companies, opened branches in major provincial cities, and appointed agents throughout the country, all within a very few years. At the same time CU moved into life and marine insurance. Its first life policies were issued in 1862, and its first marine underwriter was appointed in 1863. In the company's early days, profits from life and marine business helped keep it going when fire claims were high.
Who was the first person to establish a mutual life assurance office?
The Amicable Society for a Perpetual Assurance Office was founded by a charter of Queen Anne in July 1706. It was reputedly the world's first mutual life assurance office. The Amicable was acquired by the Norwich Union Life Insurance Society in 1866 and the act authorising the transaction described it accordingly as “the first experiment in life assurance”.
When was Accidental Death Insurance Company established?
Accidental Death Insurance Company. The company was established in 1849 and was the first of two Aviva companies with this name. It was provisionally registered as the Accidental Death Indemnity Association. Business soon expanded to cover non-fatal injuries, as well as accidental death, and the company is acknowledged as the founder ...
What was the name of the company that was part of the Protestant Dissenters?
Established in October 1837 as the Protestant Dissenters' and General Life and Fire Assurance Company. It offered special rates for ministers and those “connected with the great body of Protestant Dissenters”. The company went through several name changes before becoming a subsidiary of General Accident in 1925. General Life acted as the life insurer in the General Accident group, changing its name to Yorkshire-General Life following GA's acquisition of Yorkshire Insurance in 1968. In 1985, it became General Accident Life Assurance Ltd and subsequently CGU Life Assurance Ltd (1998), and CGNU Life Assurance Ltd (2000).
What is employers liability insurance?
The Employers' Liability Assurance Corporation was incorporated in October 1880 to offer employers' liability and general accident insurance in the UK. It was the first company established to offer the former. Its chairman, Lord Claud Hamilton MP, insisted that they made employers work to prevent accidents by refusing to insure those it did not consider to be taking proper precautions. The company merged with the Northern Assurance Company in 1960 under a new holding company, the Northern and Employers Assurance Company Ltd. This was acquired by Commercial Union in 1968.
When was Hibernian Insurance established?
Hibernian Insurance plc was established in Dublin in May 1908. The company was initially known as the Hibernian Fire and General Insurance Company Ltd and primarily provided fire insurance, concentrating on public authority business from the Dublin Corporation. In the 1960s, Commercial Union held the majority shareholding in the company, but it did not properly become part of the Aviva Group until January 2000, when its remaining shares were acquired by CGU plc.
When did CGU merge with Aviva?
On 21 February 2000, CGU announced a merger with Norwich Union plc to become CGNU plc, which was re-branded as Aviva in July 2002.
What is Celtic insurance?
The Celtic Insurance Company Ltd was established in Dublin in May 1907 for the “gran ting in the United Kingdom or abroad of policies, tickets, or other instruments of insurance, assurance, guarantee and indemnification of any kind (excepting life)”. In October 1911, the company’s shares were acquired by the Counties and General Insurance Company, which was acquired by Yorkshire Insurance the following year. The business was finally absorbed into Yorkshire Insurance in 1961 at which point the company was liquidated. Yorkshire Insurance became a wholly owned subsidiary of General Accident in 1968.
What companies did CU acquire?
In the United Kingdom, these included the largest of the specialist accident companies, Ocean; another composite, Union Assurance; and the oldest of all the British companies, the Hand in Hand. Abroad, it purchased two U.S. companies, the American of Philadelphia, Pennsylvania, and the California Insurance Company. Two of these acquisitions were a result of the 1906 San Francisco fire; CU was strong enough to withstand severe losses but other companies were not, and both Union Assurance and the American of Philadelphia were rescued by CU.
What is Commercial Union plc?
In 1990, the new holding company, Commercial Union plc, was formed under a scheme of arrangement to facilitate expansion into a variety of financial-service activities which complement the core businesses of life and general insurance.
What was the largest British insurance company in 1914?
By these acquisitions and its own vigorous expansion, CU ’ s business grew rapidly throughout the world. By 1914 it was the largest of the British composite companies, with a premium income of £ 7.5 million — almost four times what it had been in 1901. CU ’ s business continued to grow throughout World War I, despite disruption in Europe and the Atlantic, but it lost its number-one position in the British insurance industry in 1919, when two of its major rivals, Royal, and Liverpool & London & Globe, merged.
What was the first British company to handle all four classes of insurance?
CU had taken over several small companies in the 1890s to improve its geographical representation both at home and abroad, but its first strategic takeover was that of the Palatine Insurance Company of Manchester in 1900. Palatine not only had a useful fire business but had also achieved success in the relatively new field of accident insurance. By buying this company, CU gained a foothold in another fast-growing area of insurance, and became the first British company to handle all four classes of insurance — fire, life, marine, and accident.
What happened to CU in 1975?
Northern and Employers was quickly integrated into the group, and again there were large savings of manpower. The U.K. staff, after rising to 11,800 in 1968, dropped to 8,400 in 1972, while premium income continued to grow. As a result, profits rose rapidly in the early 1970s. In 1975, however, the company suffered its first loss for many years, mainly due to underwriting losses in the United States. Conditions there were proving difficult for all insurers, partly because of increasing state control of premium rates, but CU ’ s results were exceptionally bad. Profitability was restored in the following few years by reducing the company ’ s less successful business in the United States.
What was the CU in the 1860s?
Thereafter, CU did not compete with the other companies on rates, but it continued to expand rapidly. The 1860s were a boom period for business in the United Kingdom, and CU ’ s directors applied the same energy to building up their new company as to their own businesses. They recruited able managers from other companies, opened branches in major provincial cities, and appointed agents throughout the country, all within a very few years. At the same time CU moved into life and marine insurance. Its first life policies were issued in 1862, and its first marine underwriter was appointed in 1863. In the company ’ s early days, profits from life and marine business helped keep it going when fire claims were high.
Why were the directors of CU particularly alert to overseas opportunities?
The directors of CU were particularly alert to overseas opportunities, because they already had good trading connections abroad through their import and export businesses. In their first year they appointed an agent in Hamburg, and by the end of the 1860s had agencies in many of the foreign ports used by British merchants.
What was the Commercial Union?
Commercial Union (CU) was the largest of the insurance trio that combined to form Aviva, and also was first on the scene. CU emerged in 1861 in the aftermath of London's Great Tooley Street Fire, which raged for two days along the south bank of the Thames River. High claims from the destruction prompted insurance companies to more than double their rates for waterside warehouse fire coverage. Leading import and export merchants protested by forming the Commercial Union Fire Insurance Company, an insurer that would fix rates on a more precise evaluation of risks.
When did CU start selling life insurance?
CU soon attracted a large volume of fire business as Britain's cities and industries were growing fast during the 1860s. Within a few years it had opened branches in major cities and appointed agents throughout Britain, as well as one in Hamburg, Germany. At the same time, CU began selling other products, becoming a "composite" insurer. Its first life policies were issued in 1862, and its first marine underwriter was appointed in 1863. Profits from life and marine business helped keep it going when fire claims were high.
What was the first coupon insurance scheme?
Malcolm's paid a 1 cent premium to GA for every 25 items sold. This GA insurance innovation was the beginning of a lucrative coupon insurance scheme. And 1887 was also the year that 27-year-old Francis Norie-Miller became chief executive of GA. An insurance innovator with enormous energy, he dominated the management of GA for many years and remained highly influential until retiring as chairman in 1944.
When did Aviva merge with Norwich Union?
Aviva attained prominence with a pair of dawn-of-the-century mergers. In 1998, U.K. insurance giants Commercial Union and General Accident combined to form CGU. Two years later, in 2000, CGU merged with U.K. life insurance rival Norwich Union to form CGNU. In 2002, shareholders approved renaming the company Aviva.
What is general accident insurance?
With trade unions alarmed about unsafe factory machines and hazardous working conditions, the British government introduced the Employers' Liability Act of 1880. The legislation made employers liable to workers involved in certain on-the-job accidents. In 1885, a group of entrepreneurs in Perth, Scotland, saw the insurance potential of this new legislation and formed General Accident & Employers Liability Assurance Association, Ltd. In return for an annual premium, the group would safeguard employers against any liability arising from employee accidents. Beyond the Perth office, GA assigned representatives to London and to Aberdeen and Edinburgh, Scotland.
When was General Accident PLC formed?
In 1990 , General Accident PLC was formed as the holding company for General Accident Fire and Life Assurance Corporation and new cost-cutting measures and market strategies were implemented. As a result, the company posted the largest profits among U.K. composite insurers in 1993. GA also added to its holdings by acquiring nonstandard auto insurer Sabre, in 1995, followed by life insurer and pension specialist Provident Mutual in 1996, and Canada's General Insurance Group Ltd. in 1997.
When did CGNU change its name?
2002: CGNU changes its name to Aviva.
When did Norwich Union Life Insurance merge with CGU?
Norwich Union Fire Insurance Society (est. 1797) and Norwich Union Life Insurance Society (est. 1808), merged with CGU in May 2000 to form CGNU. This remained the name of the brand in the UK until it was rebranded as Aviva on 1 June 2009.
When did Provident Mutual Life Assurance merge with General Accident?
A merger between Provident Mutual Life Assurance and General Accident was announced in September 1995.
When did Northern Assurance Company merge with Northern Assurance Company?
Employers' Liability Assurance Corporation. Employers' Liability Assurance Corporation merged with the Northern Assurance Company in 1960 under a new holding company, the Northern and Employers Assurance Company Ltd. This was acquired by Commercial Union in 1968.
When was Northern Assurance Company acquired?
The group was acquired by Commercial Union in 1968 .
Who owns Sun Life?
Sun Life Assurance. Sun Life Assurance was acquired by the AXA Group in 1997; AXA's UK life business subsequently became part of the Friends Life Group in 2011, which was acquired by Aviva in 2015.
When was CGU formed?
CGU. Formed by the merger of General Accident and Commercial Union in February 1998. Merged with Norwich Union in May 2000 to form CGNU, which changed its name to Aviva in 2002.
