BRITANNIC ASSURANCE PLC
Britannic Assurance traces its origins back to 1866 in Birmingham. In 1999 they purchased Alba Life (previously known as Britannia life). 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. 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. Previously in 2004, Resolution Life Group had bought the UK life operations of Royal and SunAlliance for £850 million. In 2005, Resolution Life Group acquired Swiss Life UK for £205 million which had closed to new business in 2003.
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. This team continues to provide intermediaries exclusively with the Scottish Provident branded protection products.
In 2008 Pearl Group Ltd acquired Resolution Phoenix Life Group which includes administration of plans from many old insurers including 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 & Alba Life. In 2009, the proposed merger of Friend Provident Uk & Resolution was formally agreed subject to regulatory agreement.
Britannia Assurance products included Life cover, mortgage protection , term assurance and Endowment plans.
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