North British and Mercantile Insurance
The North British and Mercantile Insurance Company was a British-based company founded in 1809 in Edinburgh and absorbed as a subsidiary of the Commercial Union in 1959. The company was also known as the North British Insurance Company, North British Fire Office and North British Fire Insurance Company.
History
The company was established after a meeting on April 17 1809 at the Royal Exchange Coffee House, when a notice was placed in newspapers in Edinburgh announcing a proposal to found a fire insurance company called the North British Insurance Company. A contract of copartnery was issued on October 19 1809 allowing a capital of £1 million and the new company commenced business on November 11. In 1823, the company extended its business to include life insurance. The company, successfully trading and growing, was granted a royal charter on February 6 1824, in the expectation that the permitted capital would be exceeded.[1]
In 1862 the company merged with the Mercantile Fire Insurance Company and changed its name to North British & Mercantile Insurance Company. From 1890 until 1996, the company had an arrangement with the Civil Service Insurance Society allowing society members to be insured by North British & Mercantile on special rates. In the 1860s, the company had opened businesses and agencies across the world, including the far east and Africa.[1]
North British & Mercantile extended its business to include all marine risks in 1901. Later, through its subsidiaries, general insurance was added. The company's scope continued to grow and, by 1911, it was transacting fire, life, marine, accident, fine art, burglary and motor insurance. In May 1911, the company's burglary and contingency department was transferred to a subsidiary, the Railway Passengers Assurance Company.[1]
It was incorporated as a limited company on November 1 1920 and became a subsidiary of the Commercial Union Assurance Company Ltd in 1959. The company maintained head offices in Edinburgh until 1963 and in London until 1969. Since June 30 2006, it has been registered as a non-trading company.[1]
The company's name continues in a number of its former premises.
References
Bibliography
- North British and Mercantile Insurance Company - Centenary 1809 - 1909. Edinburgh: Banks & Co. 1909.
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