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The Royal London Mutual Insurance Society Limited, along with its subsidiaries, is the largest mutual insurer in the
Founded in 1861 by Joseph Degge and Henry Ridge in a London coffee shop, Royal London was initially set up as a friendly society dedicated to serving the interest of its members and securing their financial security. Royal London became a mutual life assurance society in 1908.
Other elements of the modern business are older than the primary brand: for example Royal Liver Assurance was founded in 1850, while the Irish business, until recently branded as Caledonian Life dates back to 1824, and represents the Caledonian Insurance Company founded in
On 31 December 2000 Royal London took over United Assurance Group plc. The transaction was the largest acquisition of a quoted UK company by a mutual. United Assurance Group itself had been formed by the merger of United Friendly and Refuge Assurance in October 1996.
On 2 October 2000 it was announced that Royal London would acquire Scottish Life, the Edinburgh-based pension specialist. Transfer took place on 1 July 2001.
In March 2003 Royal London launched a new start up protection business, Bright Grey based in Edinburgh.
In May 2008 Royal London concluded a transaction to acquire the open businesses of Resolution. These were the protection businesses Scottish Provident and Scottish Mutual; Phoenix Life Assurance Limited (formerly Abbey National Life) and Scottish Provident International.
At the beginning of 2009 the offshore businesses Scottish Provident International and Scottish Life International were combined to form a new entity, Royal London 360° based in the Isle of Man. This business was subject to a management buyout in November 2013. Royal London 360° rebranded to RL360° soon after the MBO.
In 2010 Royal London announced that it was in talks with Royal Liver Assurance over a possible acquisition. Terms were agreed in 2011 and the delegates of Royal Liver voted for the takeover at their AGM on 12 May 2011 and the transfer was completed on 1 July.
In 2013 The Co-operative Group agreed to sell its life & pensions and asset management businesses to Royal London. The proposed transaction gained the approval of Royal London members at an EGM in June 2013 and gained regulatory approval on 31 July 2013.
In 2015 Caledonian Life, the group’s Irish business rebranded to become Royal London Ireland.
At the end of 2015, Royal London completed the rebrand of its two UK protection businesses, Bright Grey and Scottish Provident to a new Royal London protection brand. This completed the group’s journey to become a single Royal London brand.
In 2020 Royal London purchased Police Mutual and Forces Mutual.
Catalogue of the Royal London Staff Association archives
held at the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...
, with Group funds under management of over £150 billion. Group businesses provide around nine million policies and employ 4046 people, as of June 2019.
Group
Royal London is the largest mutual life, pensions and investment company in the UK, while also providing protection products inIreland
Ireland ( ; ga, Éire ; Ulster-Scots: ) is an island in the North Atlantic Ocean, in north-western Europe. It is separated from Great Britain to its east by the North Channel, the Irish Sea, and St George's Channel. Ireland is the s ...
.
Offices
Royal London is registered in England with its head office in theCity of London
The City of London is a city, ceremonial county and local government district that contains the historic centre and constitutes, alongside Canary Wharf, the primary central business district (CBD) of London. It constituted most of London f ...
. It has other large offices in Alderley Park
Alderley Park was a country estate at Nether Alderley, Cheshire, England, between Macclesfield and Knutsford. It was the residence of the Stanley family of Alderley from the 1500s. It became the headquarters of ICI Pharmaceuticals in the 1950s. ...
and 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 ...
, with smaller offices in Glasgow
Glasgow ( ; sco, Glesca or ; gd, Glaschu ) is the most populous city in Scotland and the fourth-most populous city in the United Kingdom, as well as being the 27th largest city by population in Europe. In 2020, it had an estimated popu ...
, Dublin
Dublin (; , or ) is the capital and largest city of Ireland. On a bay at the mouth of the River Liffey, it is in the province of Leinster, bordered on the south by the Dublin Mountains, a part of the Wicklow Mountains range. At the 2016 ...
, Lichfield
Lichfield () is a cathedral city and civil parish in Staffordshire, England. Lichfield is situated roughly south-east of the county town of Stafford, south-east of Rugeley, north-east of Walsall, north-west of Tamworth and south-west o ...
& Liverpool
Liverpool is a City status in the United Kingdom, city and metropolitan borough in Merseyside, England. With a population of in 2019, it is the List of English districts by population, 10th largest English district by population and its E ...
.
History
Founded in 1861 by Joseph Degge and Henry Ridge in a London coffee shop, Royal London was initially set up as a friendly society dedicated to serving the interest of its members and securing their financial security. Royal London became a mutual life assurance society in 1908.
Other elements of the modern business are older than the primary brand: for example Royal Liver Assurance was founded in 1850, while the Irish business, until recently branded as Caledonian Life dates back to 1824, and represents the Caledonian Insurance Company founded 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 ...
in 1805.
Royal London Asset Management (RLAM) a wholly owned subsidiary of the group was founded in 1988. RLAM employs 76 investment professionals, based in the company's London office.
Sponsorship
In 2013, Royal London signed a four-year deal to sponsor one day cricket inEngland and Wales
England and Wales () is one of the three legal jurisdictions of the United Kingdom. It covers the constituent countries England and Wales and was formed by the Laws in Wales Acts 1535 and 1542. The substantive law of the jurisdiction is En ...
, including domestic and international fixtures.
Acquisitions
On 31 December 2000 Royal London took over United Assurance Group plc. The transaction was the largest acquisition of a quoted UK company by a mutual. United Assurance Group itself had been formed by the merger of United Friendly and Refuge Assurance in October 1996.
On 2 October 2000 it was announced that Royal London would acquire Scottish Life, the Edinburgh-based pension specialist. Transfer took place on 1 July 2001.
In March 2003 Royal London launched a new start up protection business, Bright Grey based in Edinburgh.
In May 2008 Royal London concluded a transaction to acquire the open businesses of Resolution. These were the protection businesses Scottish Provident and Scottish Mutual; Phoenix Life Assurance Limited (formerly Abbey National Life) and Scottish Provident International.
At the beginning of 2009 the offshore businesses Scottish Provident International and Scottish Life International were combined to form a new entity, Royal London 360° based in the Isle of Man. This business was subject to a management buyout in November 2013. Royal London 360° rebranded to RL360° soon after the MBO.
In 2010 Royal London announced that it was in talks with Royal Liver Assurance over a possible acquisition. Terms were agreed in 2011 and the delegates of Royal Liver voted for the takeover at their AGM on 12 May 2011 and the transfer was completed on 1 July.
In 2013 The Co-operative Group agreed to sell its life & pensions and asset management businesses to Royal London. The proposed transaction gained the approval of Royal London members at an EGM in June 2013 and gained regulatory approval on 31 July 2013.
In 2015 Caledonian Life, the group’s Irish business rebranded to become Royal London Ireland.
At the end of 2015, Royal London completed the rebrand of its two UK protection businesses, Bright Grey and Scottish Provident to a new Royal London protection brand. This completed the group’s journey to become a single Royal London brand.
In 2020 Royal London purchased Police Mutual and Forces Mutual.
References
External links
Catalogue of the Royal London Staff Association archives
held at the
Modern Records Centre, University of Warwick
The Modern Records Centre (MRC) is the specialist archive service of the University of Warwick in Coventry, England, located adjacent to the Central Campus Library. It was established in October 1973 and holds the world's largest archive collecti ...
{{Authority control
Mutual insurance companies
British companies established in 1861
Financial services companies established in 1861
Life insurance companies of the United Kingdom
1861 establishments in England