Eagle Star Insurance
Encyclopedia
The Eagle Star Insurance Company plc (formerly Eagle Star Insurance Company Limited) was a leading British insurance
business. It underwrote the full range of risks, including fire, accident, marine, motor, life, contingency and Pluvius (weather) insurance. It was listed on the London Stock Exchange
and was a constituent of the FTSE 100 Index
.
in 1904 as the British Dominions Marine Insurance Company, which operated as a marine insurance office in the five principal overseas Dominions. It started writing fire and accident policies in 1911 and life assurance policies in 1916.
It expanded rapidly in its early years acquiring the Eagle (founded by Sir William Rawlins in 1807) in 1916 and both the Sceptre (founded in 1864) and the Star (founded in 1843) in 1917. It was renamed the Eagle Star & British Dominions in 1917 and Eagle Star in 1937. (The story surrounding the final renaming is that Sir Edward Mountain's son Brian was in the USA promoting company business. Having given the name of his firm to an American businessman, the American is said to have replied, "Are you trying to sing a song, or sell insurance?" The company's name was swiftly changed!)
For many years its Head Office was at the rather prestigious address of 1 Threadneedle Street, London EC2. However, a new administrative head office and computer centre was opened in Cheltenham
in October 1968.
In 1981 it fought off a takeover bid from Allianz
, the German
insurance Group.
It was acquired by BAT Industries
for £968m in 1984. It is now one of the insurance brands owned by Zurich Financial Services
although its active use has now been discontinued.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
business. It underwrote the full range of risks, including fire, accident, marine, motor, life, contingency and Pluvius (weather) insurance. It was listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and was a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
.
History
The Company was founded by Edward MountainSir Edward Mountain, 1st Baronet
Sir Edward Mountain, 1st Baronet was the founder of Eagle Star Insurance which became one of the largest insurance companies in the United Kingdom.-Career:Educated at Dulwich College, Edward Mountain initially joined a Lloyd's underwriting firm...
in 1904 as the British Dominions Marine Insurance Company, which operated as a marine insurance office in the five principal overseas Dominions. It started writing fire and accident policies in 1911 and life assurance policies in 1916.
It expanded rapidly in its early years acquiring the Eagle (founded by Sir William Rawlins in 1807) in 1916 and both the Sceptre (founded in 1864) and the Star (founded in 1843) in 1917. It was renamed the Eagle Star & British Dominions in 1917 and Eagle Star in 1937. (The story surrounding the final renaming is that Sir Edward Mountain's son Brian was in the USA promoting company business. Having given the name of his firm to an American businessman, the American is said to have replied, "Are you trying to sing a song, or sell insurance?" The company's name was swiftly changed!)
For many years its Head Office was at the rather prestigious address of 1 Threadneedle Street, London EC2. However, a new administrative head office and computer centre was opened in Cheltenham
Cheltenham
Cheltenham , also known as Cheltenham Spa, is a large spa town and borough in Gloucestershire, on the edge of the Cotswolds in the South-West region of England. It is the home of the flagship race of British steeplechase horse racing, the Gold Cup, the main event of the Cheltenham Festival held...
in October 1968.
In 1981 it fought off a takeover bid from Allianz
Allianz
SE is a global financial services company headquartered in Munich, Germany. Its core business and focus is insurance. As of 2010, it was the world's 12th-largest financial services group and 23rd-largest company according to a composite measure by Forbes magazine.Its Allianz Global Investors...
, the German
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
insurance Group.
It was acquired by BAT Industries
British American Tobacco
British American Tobacco p.l.c. is a global tobacco company headquartered in London, United Kingdom. It is the world’s second largest quoted tobacco company by global market share , with a leading position in more than 50 countries and a presence in more than 180 countries...
for £968m in 1984. It is now one of the insurance brands owned by Zurich Financial Services
Zurich Financial Services
Zurich Financial Services AG is a major financial services group based in Zurich, Switzerland.-History:The Company was founded in 1872 as subsidiary of the Schweiz Marine Insurance Company under the name Versicherung Verein...
although its active use has now been discontinued.