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The company received its royal charter under the Royal Exchange and London Assurance Corporation Act 1719 (6 Geo. 1.c. 18), popularly known as the Bubble Act. [3] Under the terms of this legislation, the Royal Exchange and the London Assurance Company were the only incorporated bodies chartered to write marine insurance.
The first general manager was recruited from Royal Exchange Assurance, Percy Matthew Dove, a qualified actuary. He led the company until his death in 1868 and, with the support of the directors, was responsible for the Royal’s early rapid growth. In September 1845, agents were appointed in nearby towns, and throughout Lancashire the following ...
The company was established through the merger of the Guardian Assurance Company and Royal Exchange Assurance in 1968. [1] In February 1998 it acquired PPP Healthcare, a private healthcare insurer, for £435m. [2] In February 1999 it was acquired by Axa of France for $5.7bn and integrated into its Sun Life & Provincial Holdings division. [3]
In 1967 it acquired Union Insurance Society of Canton Ltd. In 1968 it merged with Royal Exchange Assurance to form Guardian Royal Exchange Assurance. [8]In February 1999 the Guardian Royal Exchange was purchased by AXA, who subsequently sold the Life and Pensions business to AEGON NV, later that same year.
International Distribution Services plc (formerly Royal Mail Limited, Royal Mail plc and International Distributions Services plc) is a British company providing postal and courier services. The UK government initially retained a 30% stake in the company, [3] but sold its remaining shares in 2015. [4]
The Exchange was originally housed in the historic Royal Exchange building near Bank but then moved to Cannon Bridge in 1991. [3] [4] By the end of 1996, LIFFE was by far the biggest futures exchange in Europe, followed by the MATIF in Paris and the Deutsche Terminbörse (DTB) in Frankfurt.
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In 2013 a lease of Royal Exchange was sold by Anglo Irish Bank to Oxford Properties, a Canadian property company. It had been announced that the site would be sold with a 104-year lease. [ 26 ] Oxford Properties Group, a division of the Ontario Municipal Employees Retirement System, bought the retail centre for a reported £86.5 million. [ 27 ]