Oldest company in Britain to be bought up by Scottish Friendly

Nick Goodway
Tuesday 03 February 2015 00:22
Comments

Britain’s oldest surviving registered company is set to be taken over after Marine & General Mutual, founded in 1852, agreed to be bought by Scottish Friendly.

The deal will double the assets under management at Scottish Friendly, which was founded in 1862 as the City of Glasgow Friendly Society.

Marine & General Mutual (M&GM) was founded as the UK Temperance and General Provident Association at a time when insurers penalised seamen who did not drink alcohol, on the grounds that water was dangerous and unsanitary. The firm offered sailors who abstained from alcohol lower insurance premiums.

M&GM, which holds the company registration number 00000006, closed to new business in 2013 and sold its administration and ongoing business to private equity firm TDR Capital. At that point its 15,000-plus members collected windfalls of some £600 each. It was not immediately clear whether yesterday’s takeover will trigger further windfalls for its 60,000 policyholders.

The deal needs court approval and the backing of both firms’ members. It will double Scottish Friendly’s funds under management to around £2bn.

Fiona McBain, the chief executive of Scottish Friendly, said: “We are particularly proud of having secured the opportunity to double in size. The takeover will give us additional economies of scale that can drive further efficiencies, and increased value to all of our policyholders.”

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in