I’m a bit of a dunce when it comes to finance chat. I’ll be honest – I have an accountant and leave all the numbers stuff to him. I’ve never been one of those people to get excited about stocks and shares or sit and read the Financial Reporter with a cup of coffee (in fact, I hate coffee, maybe that’s my problem).
But I do like history. Anything to do with the past fascinates me, which is why I was interested to hear about a recent finance takeover that involved the UK’s oldest trading company.
Marine & General Assurance (M&GM) started life in 1852 and was then often referred to as the Society. It started in pretty weird circumstances. Back then, sailors were charged more for life assurance if they were teetotal, because water was considered a dangerous element back in the 1830s and 40s. Marine & General Assurance was created to “extend the benefits of Life Assurance to all (whether Mariners or Passengers) who have to undergo the perils of the ocean.”
Photo Credit: Museum für Kommunikation Frankfurt (Pressebilder) via Compfight cc
The company’s earliest customers include several passengers on the Titanic. In fact, it’s so old that the registration number was 00000006 – the five firms registered with lower numbers than this no longer exist!
Three days ago M&GM was taken over by Scottish Friendly Assurance in a deal unanimously approved by Scottish Friendly members at the end of April. 96% of M&GM members also backed the takeover. The final approval came on the 22nd May after the High Court rubber-stamped the plans.
Here’s what Fiona McBain, Scottish Friendly’s chief executive, had to say about the deal:
“We are delighted to welcome M&GM policyholders and members to Scottish Friendly. The addition of M&GM business to Scottish Friendly is a tangible outcome of our strategy to diversify and grow the business for the benefit of all our policyholders. The takeover of M&GM has doubled Scottish Friendly’s assets under management to over £2 billion and will give us additional economies of scale that can drive further efficiencies and increased value to all of our policyholders, including those transferring from M&GM.”
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Disclosure: Thanks to Scottish Friendly for commissioning this post. For more information about how I work with brands check out my Work With Me page.
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