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ALBA LIFE
The business of Alba Life, formerly Britannia Life, represents the amalgamation of the life assurance & pensions business of various different companies, mainly FS Assurance, Crusader Insurance and Life Association of Scotland. Alba Life's origins date back via the Life Association of Scotland Limited to 1838 and via the Foreman and Staff Mutual Benefit Society and Crusader Insurance to the turn of the twentieth century. Britannia life closed to new business in 1998 and was acquired by Britannic Assurance in 1999 changing its name to Alba Life.
Britannic Assurance traces its origins back to 1866 in Birmingham. In 2000 Britannic Retirement Solutions, a specialist provider of in-retirement products, was launched. However Britannic Insurance closed its sales force division (in 2001) and in 2003 closed to new business - due to changes in the economic marketplace.
In 2004 the Britannic Group announced a new strategy - to become the owner and administrator of closed life funds including Alba Life Ltd. They acquired the Life Operations of Allianz Cornhill (Cornhill) in 2004 and the Century Group Limited (including Century Life) in. An exercise then took place to transfer Cornhill policyholders in 2005.
In 2005, the Resolution Life Group Limited merged with Britannic Group plc to form Resolution plc. In 2007, a funds merger programme transferred the funds of Britannic Assurance plc, Britannic Retirement Solutions Limited, Britannic Unit Linked Assurance Limited into Phoenix Life Limited. In 2007, Resolution acquired the Abbey for Intermediaries protection sales force which sold Scottish Provident branded protection products.
In 2008 Pearl Group Ltd acquired Resolution Phoenix Life Group which then included administration of plans from many old insurers including Alba Life, Scottish Provident, Century Life, Scottish Mutual, Crusader Insurance, Phoenix, Crown Assurance, Royal Sun Alliance, Life Assurance of Scotland, Mutual Life Assurance, FS Assurance, Pioneer Life Assurance, London Life, NPI, Sentinel Life, Swiss Life, Colonial Life, Cornhill. In 2009, the proposed merger of Friend Provident Uk & Resolution was formally agreed subject to regulatory agreement.
Alba Life Assurance old products included Endowment plans, Life cover, mortgage protection , term assurance. Looking in 2010 to compare old Alba Life or Phoenix Resolution Insurance products against other Uk Insurers
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