Clerical Medical is a British

life assurance 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 ...

pensions A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments ...

and

investments Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is ...

company founded in 1824, and a subsidiary of

Lloyds Banking Group Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank w ...

History

In 1824, Dr

George Pinckard George Pinckard M.D. (1768–1835) was an English physician, known as an author, an abolitionist, and in the field of insurance. Life The son of Henry Pinckard of Handley Hall, Northamptonshire, he was tutored by a clerical relative, studied med ...

formed a committee of physicians and members of the clergy which published a pamphlet called 'Prospectus for the Establishment of a new Assurance Office with Improved Arrangements'. On 18 June 1824, the Medical, Clerical and General Life Assurance Society was formed. Pinckard was appointed as Chairman, the Marquis of Huntly as President, and Pinckard's brother Joseph as Resident Secretary and Actuary. A board of directors, which included eight eminent physicians was also appointed. The company's first policy was issued to Richard Pinckard, a nephew of Dr George Pinckard. In 1855, the company moved its headquarters to Lichfield House in

St James's Square St James's Square is the only square in the St James's district of the City of Westminster and is a garden square. It has predominantly Georgian and Neo-Georgian architecture. For its first two hundred or so years it was one of the three or fou ...

, London. Clerical Medical acquired the General Reversionary and Investment Company in 1913, and in 1920 a merger with The Employers’ Liability Assurance Corporation took place. In 1961 by Act of Parliament, Clerical Medical became a mutual office. In 1975, the company moved its head office from St James's Square, London to

Bristol Bristol () is a city, ceremonial county and unitary authority in England. Situated on the River Avon, it is bordered by the ceremonial counties of Gloucestershire to the north and Somerset to the south. Bristol is the most populous city in ...

. Following the decision to

demutualise Demutualization is the process by which a customer-owned mutual organization (''mutual'') or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, memb ...

the company in 1995, Clerical Medical merged with the Halifax in 1996, and was later absorbed into

HBOS HBOS plc was a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. It was the holding company for Bank of Scotland plc, which operated the Bank ...

plc in 2001. HBOS was bought by Lloyds TSB Group in January 2009. The resulting company, Lloyds Banking Group, announced in April 2009 that the Clerical Medical brand would eventually be phased out in favour of its

Scottish Widows Scottish Widows is a life insurance and pensions company located in Edinburgh, Scotland, and is a subsidiary of Lloyds Banking Group. Its product range includes life assurance and pensions. The company has been providing financial services to the ...

subsidiary. In 2015,

sold Clerical Medical International (CMI) to offshore life assurance company

RL360° RL360 Insurance Company Limited (RL360°) is an international offshore savings, protection and investment provider, headquartered in the Isle of Man serving clients in Asia, Africa, the Middle East, Europe, the UK and Latin America. It is part of ...

References

External links

Official website
* {{Lloyds Banking Group Lloyds Banking Group Life insurance companies of the United Kingdom British companies established in 1824 Financial services companies established in 1824 Companies based in Bristol 1824 establishments in England