Royal Exchange Assurance Corporation Company Profile and Amalgamation

The Royal Exchange Assurance Corporation has a rich history that dates back to 1720, making it one of the oldest insurance companies in the UK.

It was established by an Act of Parliament to provide insurance against fire.

The company's early years were marked by significant growth, with its business expanding rapidly across the UK.

In 1998, the Royal Exchange Assurance Corporation underwent a major transformation with its amalgamation with Royal & Sun Alliance Group, resulting in a significant change in its business operations.

The Royal Exchange Assurance Corporation has a rich history that spans centuries. Founded in 1710, it's one of the oldest insurance companies in the world.

The company's early years were marked by a significant milestone in 1720, when it was granted a royal charter by King George I.

The Royal Exchange Assurance Corporation's history is a testament to its resilience and adaptability, having survived numerous challenges and changes over the years.

The Royal Exchange Assurance has a fascinating history that dates back to 1719. It emerged from a joint stock insurance enterprise called Onslow's insurance or Onslow's Bubble.

This company was initially known as the Mercer's Hall Marine Company, which was established for insuring ships and merchandise at sea. The directors of this company had a clever plan to acquire the charters of the Society of Mines Royal and Company of Mineral and Battery Works.

The Society of Mines Royal and Company of Mineral and Battery Works declared itself open for assuring ships and merchandise in March 1719. However, the Attorney-General reported in May 1719 that the use made of the charters was "unwarrantable".

The directors of Onslow's insurance admitted their mistake and requested their own charter in January 1720. They and another insurance enterprise, the London Assurance Company, each offered £300,000 towards George I's Civil List debts.

The Royal Exchange Assurance Corporation has a rich history dating back to 1717, when subscribers raised a fund of one million sterling to insure ships and merchandise.

This marked the beginning of the company's marine insurance business, which was initially transacted under the name of the "Court of Assistants of the Mines Royal, Mineral and Battery Works", with Thomas, Lord Onslow, as Governor.

In 1720, the company was incorporated by Royal Charter and assumed the title of Royal Exchange Assurance Corporation.

A further Charter was granted in 1721, empowering the Corporation to transact Sea, Fire, and Life Assurance business.

Royal Exchange Assurance Corporation gained additional powers in 1793, allowing them to grant purchase and sell annuities upon or for lives.

By 1801, the company had obtained powers to insure vessels and goods on inland waters.

The company continued to grow and evolve, eventually merging with Guardian Assurance Group in 1968 to form Guardian Royal Exchange Assurance Ltd.

Royal Exchange Assurance Corporation was established in Lagos on February 28, 1921. It was founded in 1720 and was one of the first two insurance companies to receive legal status by Royal Charter.

The company started as a marine insurance business but quickly expanded to include fire and life insurance, making it Britain's first composite insurer. This expansion happened within a year of its founding.

Royal Exchange Assurance Corporation was reconstituted and incorporated as a Private Limited Liability Company on December 29, 1969, following the Companies Act of 1968.

We have a rich history that dates back to 1720 when Royal Exchange Assurance was first founded. This makes us one of the oldest insurance companies in the world.

The company received its royal charter under the Royal Exchange and London Assurance Corporation Act 1719, also known as the Bubble Act. This legislation allowed us to operate as a chartered company, but it also limited our competition from other corporations.

In 1921, we expanded our operations by establishing a branch in Lagos, Nigeria, which was a significant step in our global expansion drive. We were one of the first two insurance companies to receive legal status by Royal Charter.

We started as a marine insurance company but quickly expanded to include fire and life insurance, becoming Britain's first composite insurer. This diversification allowed us to offer a wider range of services to our customers.

We were reconstituted as a Private Limited Liability Company in 1969 and went public in 1989. We were listed on the Nigerian Stock Exchange in 1990.

The Royal Exchange Assurance has a rich history, and one significant event that shaped its future was the amalgamation with another company.

It merged with the Guardian Assurance Company in 1968.

This merger led to the formation of a new entity, Guardian Royal Exchange Assurance.

The company survived as an independent entity for over two centuries before this significant change.

The Royal Exchange Assurance Corporation was a pioneering force in the use of technology to streamline its operations.

In the early 20th century, the company invested in the development of a new type of insurance policy that could be issued quickly and easily, thanks to the use of typewriters and standardized forms.

The company's use of technology also enabled it to maintain accurate records and manage its vast network of agents and brokers across the globe.

Royal Exchange Assurance Corporation was one of the first insurance companies to use the telephone to communicate with its customers and agents, revolutionizing the way it did business.

The company's adoption of technology helped it to grow rapidly and expand its services to meet the changing needs of its customers.

Despite its technological advancements, the company remained committed to providing personalized service to its customers, with many agents and brokers still conducting business by hand.