Community hub
Recent from talks
Knowledge base stats:
Talk channels stats:
Members stats:
Co-op Insurance
Co-op Insurance Services Limited, trading as Co-op Insurance, is a general insurance company which is part of the Co-operative Group, based in Manchester, United Kingdom.
For most of its history, Co-op Insurance was also a life insurer and fund manager, sharing surpluses with holders of its 'with-profits' life policies, as well as with individual members of The Co-operative Group in proportion to their general insurance patronage. In 2013, Royal London Group agreed to buy the life insurance business unit for an estimated £219 million. In 2020, Co-op sold its underwriting business. Since then, Co-op Insurance has become a brand that focuses on marketing and selling insurance. It now offers home, car, travel, pet, life, and over-50s life insurance. It also offers loans.
The Co-operative Insurance Company Limited was formed in 1867 to provide fire and fidelity guarantee insurance to co-operative societies. In 1886, at an Annual General Meeting it was resolved "...that Life Assurance be undertaken by the Company, and that the shareholders forfeit any rights they may have to the profits of the Life Department and agree that they shall belong exclusively to the Policyholders." In 1899, industrial life business was also introduced and the company was converted into an industrial and provident society, changing its name to Co-operative Insurance Society Limited (CIS). Other classes of business were provided for the general public and not just for co-operative societies and their members.
The shares of the Society were taken over by the Co-operative Wholesale Society and the Scottish Co-operative Wholesale Society in 1913. In 1973, the Scottish Co-operative Wholesale Society merged with CWS. CWS became The Co-operative Group on merger with Co-operative Retail Services in 2000.
In 2002, due to the poor performance of CIS, Co-operative Financial Services was created as a holding company for both CIS and The Co-operative Bank including Smile, the first full internet bank and, in 2008, The Co-operative Insurance and The Co-operative Investments trading names were introduced. In 2011, Co-operative Financial Services became the Co-operative Banking Group.
In 2006, CIS split its life and general insurance businesses into two separate entities, establishing CIS General Insurance Limited within which all new and renewing insurance business was written. All existing CIS general insurance business was reinsured with CISGIL and CIS continued to write long-term savings and insurance business only. CFS Management Services Limited was created at the same time to provide common support services to both CIS and CISGIL. In 2011, after 125 years, The Co-operative Insurance announced that it would cease providing life assurance products.
In March 2013, the Co-operative Banking Group agreed to sell the life insurance, investment and pension businesses to the Royal London Mutual Insurance Society, due to ongoing issues with internal management capability. The intention to sell the general insurance aspect was also announced, although in the event of a sale, it stated it would continue to sell re-badged products under The Co-operative Insurance name. The administration of the life portfolio had been managed by Capita Group since 2007 in an attempt to reduce operating costs. In May 2013, the Co-operative Banking Group withdrew from the agreed purchase of the TSB business after regulators uncovered the extent of issues within the company. In June, the Group revealed a shortfall in its accounts of up to £1.8 billion, related to bad debts on commercial real estate, belated costs following the 2009 purchase of Britannia Building Society, and a failed overhaul of key IT systems.
In July 2013, Co-operative Insurance Society became a private company limited by shares under the Companies Act, changing its name to Royal London (CIS) Limited. Subsidiary undertakings, CIS Unit Managers Limited (trading as The Co-operative Investments) and CIS Policyholder Services Limited became RLUM (CIS) Limited and RL Marketing (CIS) Limited respectively. The Co-operative Asset Management Limited also transferred, becoming Royal London Asset Management (CIS) Limited. Excluded from the sale, CIS General Insurance remained with the Co-operative Banking Group.
Hub AI
Co-op Insurance AI simulator
(@Co-op Insurance_simulator)
Co-op Insurance
Co-op Insurance Services Limited, trading as Co-op Insurance, is a general insurance company which is part of the Co-operative Group, based in Manchester, United Kingdom.
For most of its history, Co-op Insurance was also a life insurer and fund manager, sharing surpluses with holders of its 'with-profits' life policies, as well as with individual members of The Co-operative Group in proportion to their general insurance patronage. In 2013, Royal London Group agreed to buy the life insurance business unit for an estimated £219 million. In 2020, Co-op sold its underwriting business. Since then, Co-op Insurance has become a brand that focuses on marketing and selling insurance. It now offers home, car, travel, pet, life, and over-50s life insurance. It also offers loans.
The Co-operative Insurance Company Limited was formed in 1867 to provide fire and fidelity guarantee insurance to co-operative societies. In 1886, at an Annual General Meeting it was resolved "...that Life Assurance be undertaken by the Company, and that the shareholders forfeit any rights they may have to the profits of the Life Department and agree that they shall belong exclusively to the Policyholders." In 1899, industrial life business was also introduced and the company was converted into an industrial and provident society, changing its name to Co-operative Insurance Society Limited (CIS). Other classes of business were provided for the general public and not just for co-operative societies and their members.
The shares of the Society were taken over by the Co-operative Wholesale Society and the Scottish Co-operative Wholesale Society in 1913. In 1973, the Scottish Co-operative Wholesale Society merged with CWS. CWS became The Co-operative Group on merger with Co-operative Retail Services in 2000.
In 2002, due to the poor performance of CIS, Co-operative Financial Services was created as a holding company for both CIS and The Co-operative Bank including Smile, the first full internet bank and, in 2008, The Co-operative Insurance and The Co-operative Investments trading names were introduced. In 2011, Co-operative Financial Services became the Co-operative Banking Group.
In 2006, CIS split its life and general insurance businesses into two separate entities, establishing CIS General Insurance Limited within which all new and renewing insurance business was written. All existing CIS general insurance business was reinsured with CISGIL and CIS continued to write long-term savings and insurance business only. CFS Management Services Limited was created at the same time to provide common support services to both CIS and CISGIL. In 2011, after 125 years, The Co-operative Insurance announced that it would cease providing life assurance products.
In March 2013, the Co-operative Banking Group agreed to sell the life insurance, investment and pension businesses to the Royal London Mutual Insurance Society, due to ongoing issues with internal management capability. The intention to sell the general insurance aspect was also announced, although in the event of a sale, it stated it would continue to sell re-badged products under The Co-operative Insurance name. The administration of the life portfolio had been managed by Capita Group since 2007 in an attempt to reduce operating costs. In May 2013, the Co-operative Banking Group withdrew from the agreed purchase of the TSB business after regulators uncovered the extent of issues within the company. In June, the Group revealed a shortfall in its accounts of up to £1.8 billion, related to bad debts on commercial real estate, belated costs following the 2009 purchase of Britannia Building Society, and a failed overhaul of key IT systems.
In July 2013, Co-operative Insurance Society became a private company limited by shares under the Companies Act, changing its name to Royal London (CIS) Limited. Subsidiary undertakings, CIS Unit Managers Limited (trading as The Co-operative Investments) and CIS Policyholder Services Limited became RLUM (CIS) Limited and RL Marketing (CIS) Limited respectively. The Co-operative Asset Management Limited also transferred, becoming Royal London Asset Management (CIS) Limited. Excluded from the sale, CIS General Insurance remained with the Co-operative Banking Group.