Royal Exchange Assurance Corporation

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The Royal Exchange Assurance

The Royal Exchange Assurance, founded in 1720, was a British insurance company. It took its name from the location of its offices at the Royal Exchange, London.

Origins

The Royal Exchange Assurance emerged from a joint stock insurance enterprise known as Onslow's insurance or Onslow's Bubble. This had been begun as the Mercer's Hall Marine Company, or Undertaking kept at the Royal Exchange for insuring ships and merchandise at sea. A similar enterprise sought incorporation in 1718, but the

Civil List debts. The King then encouraged the House of Commons to permit their incorporation. This was done in the Bubble Act. The new chartered company then accepted subscriptions paid on shares in the old company in payment for those on its own shares.[2]

Chartered company

The company received its

6 Geo. 1. c. 18), popularly known as the Bubble Act. Under the terms of this legislation, the Royal Exchange and the London Assurance Company were the only incorporated bodies chartered to write marine insurance. Although this eliminated competition from other corporations, private underwriters, such as those at Lloyd's of London would remain in business. This arrangement continued until the repeal of the act in 1825.[3]

Amalgamation

The Royal Exchange Assurance survived as an independent company for over two centuries until merging with the Guardian Assurance Company in 1968.[4]

Governors

Notable governors of The Royal Exchange Assurance included:

References

  1. ISBN 978-1843839101
    .
  2. ^ W. R. Scott, The Constitution and Finance of ... Joint-Stock Companies to 1720 (Cambridge University Press, 1911) III, 396-409.
  3. ^ "1825: 6 George 4 c.91: Repeal of the Bubble Act". The Statutes Project. Retrieved 7 July 2023.
  4. ^ Guardian Financial Services: About us Archived 2009-02-07 at the Wayback Machine

Further reading

  • Barry Supple, The Royal Exchange Assurance A History of British Insurance 1720-1970, Cambridge, 1970


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