Clerical Medical

Clerical Medical is a British life insurance, pensions and investments company founded in 1824,[1] and a subsidiary of Lloyds Banking Group.

Clerical Medical Investment Group Limited
TypeSubsidiary
IndustryFinancial services
Founded1824 (1824)
HeadquartersLondon, England, UK
ProductsLife insurance
Pensions
Investments
ParentLloyds Banking Group
Websitewww.clericalmedical.co.uk

History

In 1824, Dr George Pinckard formed a committee of physicians and members of the clergy which published a pamphlet called 'Prospectus for the Establishment of a new Assurance Office with Improved Arrangements'. On 18 June 1824, the Medical, Clerical and General Life Assurance Society was formed. Pinckard was appointed as Chairman, the Marquis of Huntly as President, and Pinckard's brother Joseph as Resident Secretary and Actuary. A board of directors, which included eight eminent physicians was also appointed. The company's first policy was issued to Richard Pinckard, a nephew of Dr George Pinckard.[1]

In 1855, the company moved its headquarters to Lichfield House in St James's Square, London.[1]

Clerical Medical acquired the General Reversionary and Investment Company in 1913, and in 1920 a merger with The Employers’ Liability Assurance Corporation took place. In 1961 by Act of Parliament, Clerical Medical became a mutual office.[1]

In 1975, the company moved its head office from St James's Square, London to Bristol.[1]

Following the decision to demutualise the company in 1995, Clerical Medical merged with the Halifax in 1996, and was later absorbed into HBOS plc in 2001.[1]

HBOS was bought by Lloyds TSB Group in January 2009. The resulting company, Lloyds Banking Group, announced in April 2009 that the Clerical Medical brand would eventually be phased out in favour of its Scottish Widows subsidiary.[2]

In 2015, Lloyds Banking Group sold Clerical Medical International (CMI) to offshore life assurance company RL360°.[3][4]

References
  1. "Archived copy". Archived from the original on 2013-09-16. Retrieved 2011-10-05.CS1 maint: archived copy as title (link)
  2. Jonathan Russell (29 April 2009). "Lloyds cuts 305 jobs and drops Clerical". Daily Telegraph. Retrieved 17 March 2013.
  3. Gray, Alistair (30 November 2014). "Lloyds to sell Isle of Man offshore investment arm". Financial Times. Retrieved 6 March 2017.
  4. "Lloyds sells Clerical Medical to RL360°". FTadviser.com. 15 May 2015. Retrieved 6 March 2017.
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