Sun Life & Provincial Holdings
Public | |
Industry | Insurance |
Fate | Acquired |
Successor | AXA Group |
Founded | 1995 |
Defunct | 2000 |
Headquarters | London, UK |
Key people | Lord Douro, (Chairman) |
Sun Life & Provincial Holdings plc was a large British insurance company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. It was acquired by French insurance company AXA Group in 1996.
History
The Company was established in 1995 as a holding company for the Sun Life Assurance Society and the Provincial Insurance Company in both of which Union des Assurances De Paris (UAP) of France had acquired substantial holdings.[1]
Sun Life Assurance Society
The Sun Life Assurance Society was a life insurance offshoot, founded in 1810, of the Sun Fire Office.[2] The Head Office moved to Bristol in 1976.[3] UAP acquired 50% of the Sun Life Assurance Society in 1992.[4]
Provincial Insurance Company
The Provincial Insurance Company was founded by Francis Clayton Scott in Kendal in 1903.[5] UAP acquired The Provincial Insurance Company for £300m in 1994.[4]
AXA increases its shareholding
In 1997 AXA, who had acquired UAP in 1996, transferred its Equity & Law business into the Company thereby increasing its holding in the Company from 60% to 72%.[6] Then in May 2000 AXA acquired all shares it did not already own in the Company.[7]
References
- ↑ Business.com
- ↑ National Archives
- ↑ Sun Life by Colin Marriner
- 1 2 UAP buys Provincial Insurance for £300m The Independent, 30 September 1994
- ↑ Mrs JF Trevelyan: Obituary The Westmoreland Gazette, 7 November 2008
- ↑ Sun Life to buy AXA for £690m The Independent, 3 July 1997
- ↑ Sun Life Stock soars as Axa ups bid to £24bn for remaining stake Independent, 3 May 2000
Further reading
- Minnitt, Jack The Sun Life Story 1810-1985, Published 1985
- Westall, Oliver Provincial Insurance Company 1903-1938