Royal Liver Friendly Society
Encyclopedia
Royal Liver Assurance is a friendly society
with over 1.7 million members in Ireland and the UK. Subject to Financial Services Authority
(FSA) approval, Royal Liver and its subsidiaries will become part of the Royal London Group
on 1 July 2011.
; it opened on 19 July 1911.During the 20th century, Royal Liver Assurance expanded to cover the whole of the United Kingdom and the Republic of Ireland. Today Royal Liver Assurance employs around 900 people, has approximately 3.4 million policies in force for 1.7 million members and manages more than £3.7 billion in funds.
The Royal Liver Assurance has operated a delegation system since 1886; today, there are about 230 or so elected delegates.
The Royal Liver Poetry of Place competition sees schoolchildren write poems about their favourite Liverpool places, which are voted for by the public via the Royal Liver website.
RLAL has two subsidiary companies:
Royal Liver previously had a financial advisor, company called Park Row, however this was wound up following an investigation by the FSA.
Although owned by Royal Liver, Citadel is an independent company offering financial advice on a wide range of issues and financial services in Ireland.
Royal Liver Assurance Limited is authorised and regulated by the Financial Services Authority and is a member of the Association of Mutual Insurers (AMI).
approached Royal Liver about a possible combination of their businesses, but Royal Liver decided to remain as an independent entity..
Since then, however, the financial downturn
hit the insurance industry hard. The FSA launched Project Chrysalis, aimed at mutual insurance
companies. Companies were asked to hold more capital, and to either stop writing new policies, or justify that continuing selling new business wouldn't put existing policyholders at a disadvantage. At the time, it was anticpated that several mutuals would merge due to lack of capital.
Royal Liver were approached by LV in October 2009, however talks broke down.
Royal Liver were then approached again by Royal London in February 2010. Talks continued for some time, and the board of Royal Liver agreed the terms of a potential merger in April 2011.. The delegates of Royal Liver voted in favour of the merger at the AGM on 12 May2011. Subject to approval from the FSA, the transfer to Royal London will be completed on 1 July 2011.
Friendly society
A friendly society is a mutual association for insurance, pensions or savings and loan-like purposes, or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose...
with over 1.7 million members in Ireland and the UK. Subject to Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
(FSA) approval, Royal Liver and its subsidiaries will become part of the Royal London Group
Royal London Group
The Royal London Group is the UK's largest mutual insurance company, serving 3.1 million customers, with funds under management of £42.4 billion as at 31 December 2010....
on 1 July 2011.
History
The Liverpool Lyver Burial Society was founded by a group of working men from Liverpool in the Lyver Inn on 24 July 1850 to "provide for the decent interment of deceased members". By 1857 the Society had moved to its fourth head office and had expanded throughout the United Kingdom. By the end of the 1890s a decision was taken to build what would become the Royal Liver BuildingRoyal Liver Building
The Royal Liver Building is a Grade I listed building located in Liverpool, England. It is sited at the Pier Head and along with the neighbouring Cunard Building and Port of Liverpool Building is one of Liverpool's Three Graces, which line the city's waterfront...
; it opened on 19 July 1911.During the 20th century, Royal Liver Assurance expanded to cover the whole of the United Kingdom and the Republic of Ireland. Today Royal Liver Assurance employs around 900 people, has approximately 3.4 million policies in force for 1.7 million members and manages more than £3.7 billion in funds.
The Royal Liver Assurance has operated a delegation system since 1886; today, there are about 230 or so elected delegates.
The Royal Liver Poetry of Place competition sees schoolchildren write poems about their favourite Liverpool places, which are voted for by the public via the Royal Liver website.
The Royal Liver Group
The Royal Liver Group consists of:- Royal Liver Assurance Limited (RLAL), an Incorporated Friendly Society, founded in Liverpool in 1850 for the mutual benefit and financial security of local families. RLAL also trades under the names Progress (in the UK) and Caledonian Life (in Ireland).
RLAL has two subsidiary companies:
- Royal Liver Asset Managers in the UK
- Citadel Financial Advice Limited in Ireland.
Royal Liver previously had a financial advisor, company called Park Row, however this was wound up following an investigation by the FSA.
Although owned by Royal Liver, Citadel is an independent company offering financial advice on a wide range of issues and financial services in Ireland.
Royal Liver Assurance Limited is authorised and regulated by the Financial Services Authority and is a member of the Association of Mutual Insurers (AMI).
Takeover
In 2007, Royal LondonRoyal London Group
The Royal London Group is the UK's largest mutual insurance company, serving 3.1 million customers, with funds under management of £42.4 billion as at 31 December 2010....
approached Royal Liver about a possible combination of their businesses, but Royal Liver decided to remain as an independent entity..
Since then, however, the financial downturn
Late-2000s financial crisis
The late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s...
hit the insurance industry hard. The FSA launched Project Chrysalis, aimed at mutual insurance
Mutual insurance
A mutual insurance company is an insurance company which has no shareholders but instead is owned entirely by its policyholders. The primary form of financial business set up as a mutual company in the United States has been mutual insurance. Under this idea, what would have been profits are...
companies. Companies were asked to hold more capital, and to either stop writing new policies, or justify that continuing selling new business wouldn't put existing policyholders at a disadvantage. At the time, it was anticpated that several mutuals would merge due to lack of capital.
Royal Liver were approached by LV in October 2009, however talks broke down.
Royal Liver were then approached again by Royal London in February 2010. Talks continued for some time, and the board of Royal Liver agreed the terms of a potential merger in April 2011.. The delegates of Royal Liver voted in favour of the merger at the AGM on 12 May2011. Subject to approval from the FSA, the transfer to Royal London will be completed on 1 July 2011.