Union Insurance Society of Canton
The Union Insurance Society of Canton (commonly known as the Union) was a major
By 1953 Union was the leading Hong Kong Insurance company, with assets of £14.4m, over five times that of the nearest local rival, Canton Insurance.[2] In 1967 the Union was acquired by the Guardian Assurance Company which was itself acquired by Axa in 1999.[3]
Notable employees and directors of the Union included
History
The Union was founded in 1835 by
The leadership of Nathaniel J. Ede as Secretary from 1871 to 1897 had a far reaching impact on the development of the Union.[7] N. J. Ede led the introduction of new articles in 1873 which abandoned the requirement for a limited life and also its subsequent re-registration as a limited liability company under the Hong Kong Corporation Act of 1865–1881.[4] Chalkley comments "The change from a short-term society of partners to a permanent corporation denoted not merely a change in legal form, it also betokened a change in the style of management." " We see in the society an early example of the "managerial revolution" which was to affect corporate establishments from that time to the present day. A merchant's mutual had become a corporation with a life of its own."[6] The changes to the Society between 1873 and its re-registration in 1882 are an early example of demutualization. The entity registered on 24 October 1882 remains live with CR No. 0000011 and is one of the oldest limited liability entities in Hong Kong.[8]
In its new legal form the Union expanded rapidly. It opened branch offices in London in 1874 and Melbourne in 1883,[9] N.J. Ede's nephew Charles Montague Ede became the general manager of the company in 1908 in succession to W. J. Saunders. Under his leadership, the Union Insurance Society of Canton expanded as a global insurance company, opened up new branches at Tokyo, Hankow, Tientsin, Scurabaya, Bombay, Sydney, Adelaide, Brisbane, Perth, Auckland, Wellington, Christchurch, Vancouver, Toronto, Buenos Aires, Cario and Johannesburg and numerous other agencies.[10] The company's assets expanded to $2m in 1892 and $17m in 1914.[4] and over £5m by 1924.[11]
The Union acquired China Traders Insurance Co. in 1906, the China Fire Insurance co. in 1916 and the Yangtze Insurance Association in 1925.[9] By 1920 the Union was the largest marine insurance company in the world.[12]
The Union's former headquarters "Union House" occupied the site of the present day Chater House in Hong Kong.
Notable employees and directors of the Union included
In 1967 the Union was acquired by the Guardian Assurance Company which was itself acquired by Axa in 1999.[3]
References
- ^ Smith 1920, p. 185.
- ISBN 978-1-134-62604-5.
- ^ a b Feng & Nyaw 2010, p. 87.
- ^ OCLC 222102052.
- ^ Feng & Nyaw 2010, p. 21.
- ^ OCLC 51372702.
- ^ Feng & Nyaw 2010, p. 22.
- ^ "Company Search Mobile Service". Integrated Companies Registry Information System. Retrieved 2019-10-17.
- ^ a b Feng & Nyaw 2010, p. 23.
- ^ "Death of Mr. C. M. Ede". The Hong Kong Telegraph. 22 May 1925. p. 1.
- ^ "The Colony's Loss, Death of Mr. Montague Ede". The China Mail. 22 May 1925. p. 1.
- ^ Smith 1920, p. 194.
Bibliography
- Feng, Bangyan; Nyaw, Mee Kau (2010). Enriching Lives: A History of Insurance in Hong Kong, 1841–2010. Translated by Law, violet. Hong Kong University Press. ISBN 978-988-8028-70-2.
- Smith, Cades Alfred Middleton (1920). The British in China and Far Eastern trade. London: Constable.