Edinburgh Assurance Company Ltd

Company History

Edinburgh Life promotional bookmark, c1905

The projector and founder of the company was writer to the signet James Thomas Murray and the company wrote its first policy on September 11 1823 for £1,000 on the life of John Donaldson WS. Initially, the directors limited themselves to insuring the lives of members of legal bodies, accountants, bankers, bank directors, mercantile and bank accountants in Scotland. By 1824, the company was insuring between 400 and 500 lives.

In June 1833, the company obtained an act of parliament to enable it to sue and be sued while further changes were made to company powers in 1845. By 1908, Edinburgh Life claimed it was the oldest office transacting only life annuity and endowment insurance in the UK. Despite being proud of its niche role, the company felt squeezed between the mutual life insurers and the composite offices offering all classes of insurance.

In December 1918, the company was acquired by the Commercial Union Assurance Company and, on May 3 1919, changed its name to the Edinburgh Assurance Company. In July that year, the company's powers were extended to allow the transaction of fire, accident and employers' liability insurance.

In August 1975, the name changed again to Commercial Union Assurance of United Kingdom Ltd and, in August 1980, changed once more to Commercial Union Pensions Management Ltd. On March 14 2000, the name changed back to the Edinburgh Assurance Company. The company went into liquidation on October 26 2006.

Key dates

Did you know...?

• In December 1824 Sir Walter Scott, one of the original shareholders, was voted in as an extraordinary director of the company. He also took out a life assurance policy which is still in the Group archive. An extract from Scott's diary reads:
   

  "1825 December 13 - Went to the yearly court of the Edinburgh Assurance Company, to which I am one of those graceful and useless appendages, called Directors Extraordinary - an extraordinary director I should prove if they elected me an ordinary one. There were there moneyers and great oneyers, men of metal - discounters and counters - sharp, grave, prudential faces, eyes weak with ciphering by lamplight... off I came, my ears still ringing with the sounds of thousands and tens of thousands, and my eyes dazzled with the golden gleam offered by so many capitalists."

  - Generals review, p. 251, January 1907
   
• In 1824, company secretary Mr Baillie and first clerk Mr McIntyre had both resigned due to the behaviour and temper of manager Mr Crosbie, who had been dismissed by the board.
• The board was well known for its "festive" meetings, the first of which was held on June 23 1836 at which 34 bottles of wine were consumed between 20 guests. The drinking bill came to £35 13s 6d. At the next meeting, in December 1836, the future Lord Neaves sang a song he had written for the occasion, which included the verse:
   

  Then come good insurers attend to my call
  Our bonus is handsome our tables are low
  Come partners and spouses and creditors all
  Who fear that your debts with your debtor would go.
  Any man that would marry a moment don't tarry
  But insure something straight for the children and wife
  Lest you find for your sins you're the father of twins
  E'er you've time to repair to our Edinburgh Life.

Head office premises

Edinburgh

London