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The Guarantee Society Ltd.
Established June 1840 as the Guarantee Society initially as a private partnership and then, in June 1842, by deed of settlement. Registered under companies act 15 February 1912 as The Guarantee Society Ltd. company number 120311. Following an agreement of 2 March 1914 became a subsidiary of the Yorkshire Insurance Company Ltd. which became a subsidiary of General Accident Fire and Life Assurance Corporation Ltd. in 1967. On 31 March 2005 the general insurance business of the company was transferred to CGU Insurance. Company in liquidation from 1 May 2007.
Business
Formed as a result of an idea by Henry Rodgers, an official of the bank of England to answer the problems faced by those who had been let down by friends and relatives for whom they had acted as surety. Along with George Palmer he collected data from Bank of England, bankers, brewers etc and then canvassed various interested parties to meet at the office of Palmer, Hope and Son on 27 September 1839. The new company established as a result of this meeting offered the very first fidelity insurance. Taking the place of a wealthy friend or relative the company guaranteed the employers of individuals such as post masters, banking staff, insurance staff and agents, workers for telegraph companies etc against loss should the individual embezzle or defraud their employers. The first prospectus was printed on 13 December 1839 and on 24 June 1840 the company commenced business.
Although always specialising in fidelity insurance in 1891 the Society was registered under the companies' acts and the deed of settlement was replaced by a modern memorandum and articles of association which gave the society powers to undertake all classes of insurance except life and marine. At first fire and burglary were the only additional forms of insurance undertaken but by 1932 the company was also undertaking fire, employers' liability, accident, burglary and motor insurance. In 1976 the company's income exceeded £1 million for the first time. By 1991 the company's principal business was pecuniary loss insurance.
Staff/officials
Secretary
Thomas Dodgson (by 1842 - 1850)
James Muzio (1850 - 1879)
Augustus Muzio (son of James) (1879- 1905)
Alfred Dalton (1905 - 1907)
Frederick Hugh Sherwell (1907 - 1936)
Edgar Henry Labbett (1936 - 1939) (also manager)
C R Aveling-Tyler (1939 - 1959) (also manager)
Victor John Thorndale Trumper (1959 - 1966) (as manager and secretary until 1961 then as secretary)
A D Bean (1966 - 1968)
I A Chambers (1968 -1970, 1973 - 1977 )
A J Swift (1970 - 1973)
L W Mansfield (1977 - 1982)
R A Whitaker (1982 - 1997)
PM White (1997 - 1998 at least)
Manager
No manager assume run by secretary (1840 - 1907)
Frederick Hugh Sherwell (1907 - 1936)
Edgar Henry Labbett (1936 - 1939) (also secretary)
C R Aveling-Tyler (1939 - 1959) (also secretary)
Victor John Thorndale Trumper (1959 - 1961)
H Phillips Smith (1961 - 1968)
H W Sheppard (1968 - 1977)
Douglas Procter (1977 - 1990 )
AD Grant (1990 - c 1995)
Directors
(1846)
James Colquhoun, Charles Sanderson, Thomas Attree, Mayow Wynell Adams, John Benson, Patrick Colcuhoun, Captain John Enoch, Abraham Lindo Mocata, Major General B B Parlby CB, Francis Lysons Price, George Scovell, William Slark.
(1914)
Augustus C Scovell, AG. Brodrick, H K Cannan, W T Coles, T F Fremantle (later Lord Cottesloe), W Stebbing, M Stebbing
Head office premises - London
28 Poultry (1840 - 1845)
19 Birchin Lane (1845 - 1884, c 1886 - 1931) purchased from London Assurance
38 St Nicholas Lane (1885) temporary offices while Birchin Lane was rebuilt
Sun Court Cornhill (1931 - 1957 )
Enton Mill, Whitley, Surrey (temporary wartime address from 1941 - 1944)
Becket House 36/7 Old Jewry (1957 - 1998)
One Lloyds Avenue (1998 - )
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