When was norwich union founded

Then Aviva's chief financial officer and director, Tom Stoddard announced he was stepping down with Jason Windsor, taking the position. This announcement was followed swiftly by the news 1, jobs would be lost with redundancies not ruled out for those working in Norwich.

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community. Christmas Video. Suffolk Constabulary Video. Published: AM June 6, Updated: PM October 9, Aviva is one of the top ten fund managers in Europe and the second largest U.

K-based fund manager. The fund management business invests the group's funds held for policyholders. Aviva attained prominence with a pair of dawn-of-the-century mergers. In , U. Two years later, in , CGU merged with U. In , shareholders approved renaming the company Aviva. Commercial Union CU was the largest of the insurance trio that combined to form Aviva, and also was first on the scene. High claims from the destruction prompted insurance companies to more than double their rates for waterside warehouse fire coverage.

Leading import and export merchants protested by forming the Commercial Union Fire Insurance Company, an insurer that would fix rates on a more precise evaluation of risks. CU soon attracted a large volume of fire business as Britain's cities and industries were growing fast during the s. Within a few years it had opened branches in major cities and appointed agents throughout Britain, as well as one in Hamburg, Germany. At the same time, CU began selling other products, becoming a "composite" insurer.

Its first life policies were issued in , and its first marine underwriter was appointed in Profits from life and marine business helped keep it going when fire claims were high.

With trading connections through their import and export businesses, CU directors were particularly alert to overseas opportunities. By the end of the s the company had agencies in India, South Africa, the Caribbean and other foreign ports used by British merchants. The company was doing business in Chicago and Boston in to when both cities suffered disastrous fires. Unlike some local companies, CU met the resulting claims in full. By the s its U. By the end of the century, CU had expanded in Europe, Canada, and Australia and was drawing three-quarters of its premium income from abroad.

The company ranked second only to the British company, Royal Insurance, in total worldwide fire income. At the start of the 20th century, CU appointed its first general manager, Evan Roger Owen, then looked to expand by buying existing insurance operations rather than opening new offices.

The first strategic takeover came in when it bought Britain's Palatine Insurance Company of Manchester. Palatine had a strong fire business and had also achieved success in the relatively new field of accident insurance.

The Palatine purchase made CU the first British company to handle all four classes of insurance: fire, life, marine, and accident. Acquisition of a half dozen other companies followed. Acquisition of Union Assurance and American were rescue buyouts as a result of the companies' severe losses from the San Francisco fire.

In the postwar period, CU became more dependent on industry trends and economic conditions. The depression caused the first drop in CU's income since , and the arrival of the Great Depression in brought a more lasting setback. Norwich Union's main operation in the UK is its life and pensions business.

It provides life insurance, pensions and investment products, mainly sold through independent financial advisers IFAs. Norwich Union formed a partnership with the BBC in January of this year to sponsor a sports talent event called Born to Win, aimed at finding the UK's most promising to year-old amateur sports people. The campaign for the car, home and travel insurance provider comprises five second commercials and uses the idea that Norwich Union quotes are so low that they make people happy.

Each ad features a car or home owner on the phone to Norwich Union asking the company to "quote me happy" for their insurance. They are then seen laughing with delight at the quote.

As a specialist motoring services brand, the RAC name will not change. The Delta Lloyd brand Netherlands will also remain. Aviva has a target to double total IFRS total earnings per share by at the latest.

The Norwich Union name was retained for the long-term savings and general insurance businesses in the UK. Today Norwich Union remains a significant employer in Norwich, with approximately 6, staff servicing its UK life and general insurance operations.

It is the headquarters for the UK general insurance business. Aviva will continue to build its global business on this strong foundation with its associated benefits to the local community.

A full history of Norwich Union and other Aviva group companies can be accessed via the education centre on our website, www. Our business Aviva to exit Taiwan 13 Oct Aviva to make strategic investment in Wealthify 5 Oct Aviva completes sale of Spanish businesses 15 Sep Aviva welcomes Government proposals on discount rate 7 Sep Aviva Asia announces the launch of Aviva Vietnam 30 Aug Aviva launches scholarship programme 11 Jul UK: Almost 1 in 5 businesses miss their auto-enrolment staging date 11 Jul UK: A blueprint for getting the self-employed into pensions 5 Jul