Thomas Bignold
Encyclopedia
Thomas Bignold was the founder of Norwich Union
, now known as Aviva plc, one of the United Kingdom
's largest insurance
businesses.
in Kent
, Thomas Bignold worked as an exciseman before moving to Norwich
in the early 1780s. He became a wine
and spirit merchant in 1785. In 1792 he was appointed secretary
of the Norwich General Assurance Company.
He left Norwich General Assurance in 1797 to found the Norwich Union Fire Insurance Society
with support from local shopkeepers. He appointed 500 local agents who helped him to expand the geographic coverage of the business: growth was also driven by his practice of offering profit sharing
to fire insurance policy
holders. He went on to found the Norwich Union Life Insurance Society in 1808.
After 1815 the post war recession started to bite and claims against the Society increased and he initially resisted many of those claims – some legitimately but some not so. Eventually his sons collaborated with the other directors to force him to retire.
In retirement he became increasing eccentric
forming a business to make shoes with revolving heels: this venture pushed him into bankruptcy
and he eventually into prison
.
He was a churchwarden
and freeman
grocer
. He died in 1835.
was his successor and later a Member of Parliament
.
Norwich Union
Norwich Union was the name given to insurance company Aviva's British arm before June 2009. It was originally established in 1797. It is the biggest life insurance provider in the United Kingdom, and has a strong position in motor insurance...
, now known as Aviva plc, one of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
's largest insurance
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...
businesses.
Career
Born is WesterhamWesterham
Westerham is a town and civil parish in the Sevenoaks District of Kent, in South East England with 5,000 people. The parish is south of the North Downs, ten miles west of Sevenoaks. It covers 5800 acres . It is recorded as early as the 9th century, and was mentioned in the Domesday Book in a...
in Kent
Kent
Kent is a county in southeast England, and is one of the home counties. It borders East Sussex, Surrey and Greater London and has a defined boundary with Essex in the middle of the Thames Estuary. The ceremonial county boundaries of Kent include the shire county of Kent and the unitary borough of...
, Thomas Bignold worked as an exciseman before moving to Norwich
Norwich
Norwich is a city in England. It is the regional administrative centre and county town of Norfolk. During the 11th century, Norwich was the largest city in England after London, and one of the most important places in the kingdom...
in the early 1780s. He became a wine
Wine
Wine is an alcoholic beverage, made of fermented fruit juice, usually from grapes. The natural chemical balance of grapes lets them ferment without the addition of sugars, acids, enzymes, or other nutrients. Grape wine is produced by fermenting crushed grapes using various types of yeast. Yeast...
and spirit merchant in 1785. In 1792 he was appointed secretary
Secretary
A secretary, or administrative assistant, is a person whose work consists of supporting management, including executives, using a variety of project management, communication & organizational skills. These functions may be entirely carried out to assist one other employee or may be for the benefit...
of the Norwich General Assurance Company.
He left Norwich General Assurance in 1797 to found the Norwich Union Fire Insurance Society
Norwich Union
Norwich Union was the name given to insurance company Aviva's British arm before June 2009. It was originally established in 1797. It is the biggest life insurance provider in the United Kingdom, and has a strong position in motor insurance...
with support from local shopkeepers. He appointed 500 local agents who helped him to expand the geographic coverage of the business: growth was also driven by his practice of offering profit sharing
Profit sharing
Profit sharing, when used as a special term, refers to various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses...
to fire insurance policy
Policy
A policy is typically described as a principle or rule to guide decisions and achieve rational outcome. The term is not normally used to denote what is actually done, this is normally referred to as either procedure or protocol...
holders. He went on to found the Norwich Union Life Insurance Society in 1808.
After 1815 the post war recession started to bite and claims against the Society increased and he initially resisted many of those claims – some legitimately but some not so. Eventually his sons collaborated with the other directors to force him to retire.
In retirement he became increasing eccentric
Eccentricity (behavior)
In popular usage, eccentricity refers to unusual or odd behavior on the part of an individual. This behavior would typically be perceived as unusual or unnecessary, without being demonstrably maladaptive...
forming a business to make shoes with revolving heels: this venture pushed him into bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
and he eventually into prison
Prison
A prison is a place in which people are physically confined and, usually, deprived of a range of personal freedoms. Imprisonment or incarceration is a legal penalty that may be imposed by the state for the commission of a crime...
.
He was a churchwarden
Churchwarden
A churchwarden is a lay official in a parish church or congregation of the Anglican Communion, usually working as a part-time volunteer. Holders of these positions are ex officio members of the parish board, usually called a vestry, parish council, parochial church council, or in the case of a...
and freeman
Freedom of the City
Freedom of the City is an honour bestowed by some municipalities in Australia, Canada, Ireland, France, Italy, New Zealand, South Africa, Spain, the United Kingdom, Gibraltar and Rhodesia to esteemed members of its community and to organisations to be honoured, often for service to the community;...
grocer
Worshipful Company of Grocers
The Worshipful Company of Grocers is one of the 108 Livery Companies of the City of London. It is ranked second in the order of precedence of the Companies and, having been established in 1345, is one of the original Great Twelve City Livery Companies....
. He died in 1835.
Family
By 1785 he had married Sarah Long and together they went on to have three sons and three daughters. His youngest son SamuelSamuel Bignold
Sir Samuel Bignold DL was a British businessman with insurances and Conservative politician.-Background:Born in Norwich, he was the third and youngest son of Thomas Bignold and his wife Sarah, widow of Julius Long and daughter of Samuel Cocksedge...
was his successor and later a Member of Parliament
Member of Parliament
A Member of Parliament is a representative of the voters to a :parliament. In many countries with bicameral parliaments, the term applies specifically to members of the lower house, as upper houses often have a different title, such as senate, and thus also have different titles for its members,...
.