Pearl Group
Encyclopedia
Phoenix Group is one of the largest providers of insurance
services in the United Kingdom
. It is listed on the London Stock Exchange
and was formerly traded on Euronext Amsterdam.
opposite the Whitechapel Bell Foundry
. It changed its name to The Pearl Assurance Company in 1914. In 1990 it was acquired by the Australia
n insurance group, AMP
, and then in 2003 Pearl, NPI and London Life were demerged from AMP to become part of HHG
.
In 2005 the business was bought from HHG by Sun Capital Partners (a business in which Hugh Osmond
is a leading partner) and TDR Capital. Then in 2008 Pearl acquired Resolution plc
(including its Phoenix Insurance business).
In June 2009 the business was acquired by the Liberty Acquisition Holdings (International) Company (a vehicle controlled by billionaire Nicolas Berggruen
) which subsequently changed its name to Pearl Group.
On 15 March 2010, Pearl Group changed its name to Phoenix Group Holdings.
The company's asset management arm is Ignis asset management
.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
services in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. It is listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and was formerly traded on Euronext Amsterdam.
History
The Company was founded in 1857 as The Pearl Loan Company and operated from the Royal Oak Public HousePublic house
A public house, informally known as a pub, is a drinking establishment fundamental to the culture of Britain, Ireland, Australia and New Zealand. There are approximately 53,500 public houses in the United Kingdom. This number has been declining every year, so that nearly half of the smaller...
opposite the Whitechapel Bell Foundry
Whitechapel Bell Foundry
The Whitechapel Bell Foundry is a bell foundry in Whitechapel in the London Borough of Tower Hamlets, in the East End of London. The foundry is listed by the Guinness Book of Records as the oldest manufacturing company in Great Britain...
. It changed its name to The Pearl Assurance Company in 1914. In 1990 it was acquired by the Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n insurance group, AMP
AMP Limited
AMP Limited is an Australian financial corporation. It operates primarily in Australia and New Zealand. AMP formed in 1849 as the Australian Mutual Provident Society, a non-profit life insurance company. In 1998 it was demutualised and listed on the Australian and New Zealand stock exchanges...
, and then in 2003 Pearl, NPI and London Life were demerged from AMP to become part of HHG
Henderson Group
Henderson Group plc is a global investment management company with its principal place of business in the City of London. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. It is also listed on the Australian Securities Exchange as a member of the ASX200 index...
.
In 2005 the business was bought from HHG by Sun Capital Partners (a business in which Hugh Osmond
Hugh Osmond
Hugh Edward Mark Osmond is the founder of Punch Taverns, one of the United Kingdom's largest chains of public houses.-Career:Educated at Merton College, Oxford where he read Medicine, Hugh Osmond went to America in 1983 and worked in clubs for a while. He then joined a small investment bank in...
is a leading partner) and TDR Capital. Then in 2008 Pearl acquired Resolution plc
Resolution plc
Resolution plc was a UK insurance company headquartered in the City of London. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but was acquired by the Pearl Group in May 2008.-Early history:...
(including its Phoenix Insurance business).
In June 2009 the business was acquired by the Liberty Acquisition Holdings (International) Company (a vehicle controlled by billionaire Nicolas Berggruen
Nicolas Berggruen
Nicolas Berggruen is an investor. He is the son of art collector Heinz Berggruen. He is the founder and president of Berggruen Holdings, a private investment company and the Nicolas Berggruen Institute, a political think tank. His father created the Museum Berggruen in Berlin and his mother was...
) which subsequently changed its name to Pearl Group.
On 15 March 2010, Pearl Group changed its name to Phoenix Group Holdings.
Operations
The Phoenix group of companies is made up of eight life companies and an asset management business.- Phoenix Life Limited or Phoenix & London Assurance Limited
- Phoenix Life Limited (Irish branch)
- Pearl Assurance Limited
- NPI Limited or National Provident Life Limited
- London Life Limited
- Scottish Mutual International Limited
The company's asset management arm is Ignis asset management
Ignis asset management
Ignis Asset Management is an asset management company with head offices in Glasgow and London. Ignis, formerly Resolution Asset Management, manages around £78 billion* of assets...
.