Royal London General Insurance Company
Royal London is the UK’s largest mutual insurer, with a total of well over five million customers and managed funds of nearly £74 billion. With headquarters in the City of London, the Group employs nearly 3,000 people.
Royal London was initially a friendly society founded in 1861 by Henry Ridge and Joseph Degge at a meeting in a London coffee house. It became a mutual society in 1908 and, so, has been owned by its members – rather than by shareholders – since its very beginning.
It is a status which the company claims gives better value to its customers and surveys have suggested that mutual companies typically deliver higher levels of customer satisfaction.
The company has enjoyed some of its most rapid expansion as it entered the second millennium, acquiring the United Assurance Group in 2000 (the United Group itself having been formed from the merger in 1996 of United Friendly, set up in 1908, and Refuge Assurance, founded as early as 1858.
The following year Royal London also acquired Scottish Life, a former mutual society (founded in 1881). Scottish Life had started life as a public limited company, became a mutual in 1968 and then demutualised shortly before its acquisition by Royal London in 2001.
In 2008 the Royal London Group acquired Phoenix Life Assurance Limited, Scottish Provident and Scottish Provident International. Further major acquisitions were those of Royal Liver in 2011 and the pensions and asset management business of the Cooperative Banking Group in 2013.
In addition to its headquarters in the City of London, Royal London also maintains offices in Bath, Dublin, Edinburgh, Reading and Wilmslow.
Landlord insurance is a specific form of general insurance designed to protect the interests of buy to let landlords of residential and commercial properties.
Typically, at its core is the safeguarding of the structure and fabric of the premises and the landlord’s contents against such risks as fire, earthquakes, explosions, flooding, storm damage, impacts, vandalism and theft.
Recognising the landlord’s particular responsibilities for the safety of tenants (and members of the public) the insurance also commonly includes provision for property owner’s liability.
To help safeguard the landlord’s business reliance on income from rents, landlord insurance may also offer compensation for loss of rental income, particularly in the event of the premises becoming temporarily uninhabitable following an insured event.
Royal London landlord insurance
Royal London’s principal areas of business are life assurance, pensions and asset management. It does not operate in the general insurance market and, therefore, offers no specific form of landlord insurance. Although it acquired the Cooperative Banking Group in 2013, for instance, this was limited to the latter’s life insurance and asset management businesses – the Coop’s general insurance business was not included.