The North British and Mercantile Insurance Company was a British-based company founded in 1809 in

Edinburgh Edinburgh ( ; gd, Dùn Èideann ) is the capital city of Scotland and one of its 32 Council areas of Scotland, council areas. Historically part of the county of Midlothian (interchangeably Edinburghshire before 1921), it is located in Lothian ...

and absorbed as a subsidiary of

Commercial Union Commercial Union plc was a large insurance business based in London. It merged with General Accident in 1998 to form CGU plc. History Commercial Union was established following a conflagration near London Bridge in 1861, known as the Great Too ...

in 1959. The company was also known as the North British Insurance Company, North British Fire Office and North British Fire Insurance Company.

History

The company was established after a meeting on 17 April 1809 at the Royal Exchange Coffee House, when a notice was placed in newspapers in Edinburgh announcing a proposal to found a

fire insurance Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or bo ...

company called the North British Insurance Company. A contract of copartnery was issued on 19 October 1809 allowing a capital of £1 million and the new company commenced business on 11 November. In 1823 the company extended its business to include

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

. The company, successfully trading and growing, was granted a

royal charter A royal charter is a formal grant issued by a monarch under royal prerogative as letters patent. Historically, they have been used to promulgate public laws, the most famous example being the English Magna Carta (great charter) of 1215, bu ...

on 6 February 1824, in the expectation that the permitted capital would be exceeded. In 1862 the company merged with the Mercantile Fire Insurance Company and changed its name to North British & Mercantile Insurance Company. From 1890 until 1996, the company had an arrangement with the Civil Service Insurance Society allowing society members to be insured by North British & Mercantile on special rates. In the 1860s, the company had opened businesses and agencies across the world, including the far east and Africa. North British & Mercantile extended its business to include all

marine risks Marine is an adjective meaning of or pertaining to the sea or ocean. Marine or marines may refer to: Ocean * Maritime (disambiguation) * Marine art * Marine biology * Marine debris * Marine habitats * Marine life * Marine pollution Military ...

in 1901. Later, through its subsidiaries,

general insurance General insurance or non-life insurance policy, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determine ...

was added. The company's scope continued to grow and, by 1911, it was transacting fire, life, marine, accident, fine art, burglary and motor insurance. In May 1911, the company's burglary and contingency department was transferred to a subsidiary, the

Railway Passengers Assurance Company Rail transport (also known as train transport) is a means of transport that transfers passengers and goods on wheeled vehicles running on rails, which are incorporated in tracks. In contrast to road transport, where the vehicles run on a pre ...

. It was incorporated as a

limited company In a limited company, the liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by Share (finance), shares or by guarantee. In a company limited by ...

on 1 November 1920 and became a subsidiary of the Commercial Union Assurance Company Ltd in 1959. The company maintained head offices in Edinburgh until 1963 and in London until 1969 with a further office at College Green in Dublin. Since 30 June 2006 it has been registered as a non-trading company. The company's name continues in a number of its former premises.

References

Bibliography

* {{Authority control Financial services companies established in 1809 Insurance companies of the United Kingdom Defunct companies of the United Kingdom 1809 establishments in Scotland British companies established in 1809 Companies based in Edinburgh Aviva