Provident Mutual Life Assurance

Last updated

Provident Mutual Life Assurance
Industry Insurance
Founded1840
Defunct1995
FateAcquired by General Accident
Successor CGU plc
Headquarters London
Key people
Lord Farnham (chairman)
Brian Richardson (CEO)

Provident Mutual Life Assurance was a London-based life insurance and pensions company.

History

The company was established as the Provident Clerks' Mutual Benefit Association in 1840. [1] It created the first UK-based policy against death-in-service in 1852, and introduced a system of regular payroll deductions to allow all employees to participate. [2]

It established new offices at 25–31 Moorgate in London in 1923. [3] The company relocated to Alresford Place near Winchester, to reduce the risk to its staff from air raids by the Luftwaffe, in June 1939, during the Second World War. [4]

It had some 500,000 policy holders in 1995, when it was acquired by General Accident in a deal worth £170 million. [5]

References

  1. ↑ "Legacy companies". Aviva. Retrieved 16 July 2025.
  2. ↑ "History of Life Assurance". Armchair Mortgages. Retrieved 16 July 2025.
  3. ↑ New Offices: Provident Mutual Life Assurance. Architecture Book. 1923.
  4. ↑ "Aviva companies in WW2 — evacuated offices". Aviva Archives. Retrieved 16 July 2025.
  5. ↑ "General Accident takes over Provident Mutual". The Herald. 29 September 1995. Retrieved 16 July 2025.
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