Insurance Companies of the United Kingdom

Source: Wikipedia. Pages: 52. Chapters: The Equitable Life Assurance Society, Sun Life Financial, InsureandGo, Zurich Financial Services, Prudential plc, RSA Insurance Group, LV, Old Mutual, Friends Provident, Legal & General, Aviva, Churchill Insurance Company, Resolution plc, NFU Mutual, Norwich Union, Swiftcover, Suffolk Life, British Insurance, Brit Insurance, Kwik Fit Insurance, The Co-operative Insurance, Carole Nash, Brightside Group, Admiral Group, Scottish Widows, Motor Insurers' Bureau, Allied Dunbar, BGL Group, Endsleigh Insurance, Castle Cover, 1st Central, CGU plc, Adrian Flux Insurance Services, Phoenix Group, Scottish Equitable, Royal Exchange Assurance Corporation, Sun Life & Provincial Holdings, Bennetts, Equity Insurance Group, Esure, ChoiceQuote Insurance Services, Benfield Group, Eagle Star Insurance, North British and Mercantile Insurance, Equitas, Association of British Insurers, Stonebridge International Insurance Ltd, Aegon UK, Amlin, Cornish Mutual, Direct Line, Guardian Royal Exchange Assurance, Elephant.co.uk, Sureterm, UIA, Swinton Colonnade, Pool Re, Admiral Insurance, PruHealth, Sedgwick Group, Hand in Hand Fire & Life Insurance Society, Excel Insurance Solutions, Drakefield Insurance, Police Mutual, Standard Life Healthcare, Totally Insured, Professional Insurance Agents, Pavilion Insurance, Ecclesiastical Insurance, UKI Partnerships, Guardian Assurance Company, Arista insurance, Bell Insurance, Diamond Insurance, Westfield Health, Howden Insurance Brokers Limited, Camberford Law, Privilege, Kwelm, Health-on-Line, Beazley Group, Chaucer Holdings, Novae Group. Excerpt: The Equitable Life Assurance Society (Equitable Life), founded 1762, is a life insurance company in the United Kingdom. The world's oldest mutual insurer, it pioneered age based premiums based on mortality rate laying ¿the framework for scientific insurance practice and development¿ and ¿the basis of modern life assurance upon which all life assurance schemes were subsequently based¿. At its peak, Equitable had 1.5 million policyholders with funds worth £26 billion under management, but it had allowed large unhedged liabilities to accumulate in respect of guaranteed fixed returns to investors without making provision for adverse market changes. Following a July 2000 House of Lords ruling, and failure of attempts to find a buyer for the business, it closed to new business in December 2000 and reduced payouts to existing members. The 2004 Penrose report found that the company had made over-generous payouts leading it to be under-funded. A 2007 European report concluded that regulators had focused on solvency margins and failed to consider the increasing risk of accrued terminal bonuses. The October 2010 Spending Review by the coalition government announced compensation of £1.5Bn - above the level recommended by the review conducted by Sir John Chadwick and below the £4-4.8Bn loss calculated by consultants Towers Watson. The Society, established via a Deed of Trust in September 1762 with the name of the ¿Society for Equitable Assurances on Lives and Survivorships¿ offered both whole life and fixed term policies. Premiums which were constant for the duration of the policy, were based on a method devised by the mathematician James Dodson using mortality figures for Northampton and the amount payable on death, the basic sum assured was guaranteed, a major advantage at the time. As Dodson had unfortunately died 5 years earlier, Edwa...