The Guarantee Society Ltd
The Guarantee Society was initially established in June 1840 as a private partnership and then, in June 1842, by deed of settlement. The society became a subsidiary of the Yorkshire Insurance Company in 1914. It finally went into liquidation in May 2007.
Company History
Guarantee Society staff magazine cartoon, 1923
Guarantee Society staff magazine cartoon, 1923
Guarantee Society staff magazine cartoon, 1923
Guarantee Society staff magazine joke page, 1923
The society was formed as a result of an idea by Henry Rodgers, an official at 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, Rodgers collected data from the Bank of England, brewers, and other bankers etc, and then canvassed various interested parties to meet at the office of Palmer, Hope and Son on September 27 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 society guaranteed employers against loss should an individual employee embezzle or defraud them. The first prospectus was printed on December 13 1839 and, on June 24 1840, the society commenced business.
In 1891, the society was registered under the Companies Act 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. On March 2 1914, the society became a subsidiary of the Yorkshire Insurance Company Ltd (which, in turn, became a subsidiary of the General Accident Fire and Life Assurance Corporation Ltd in 1967).
At first, fire and burglary were the only additional forms of insurance undertaken by the society but, by 1932, it was also undertaking employers' liability, accident and motor insurance. In 1976, the company's income exceeded £1 million for the first time. By 1991, the society's principal business was pecuniary loss insurance.
On March 31 2005, the general insurance business of the company was transferred to CGU Insurance. The society finally went into liquidation on May 1 2007.
Key dates
| Year | Event |
|---|---|
| 1840 | The Guarantee Society is established |
| 1891 | The society gains power to undertake all classes of insurance, except life and marine |
| 1912 | The company is first registered as a limited company |
| 1914 | Becomes a subsidiary of the Yorkshire Insurance Company |
| 1976 | Income exceeds £1 million for the first time |
| 2002 | Name changes to The Guarantee Society |
| 2005 | The company's general insurance business is transferred to CGU Insurance |
| 2007 | Goes in to liquidation |
Did you know...?
- In 1854, the society experienced its first serious claim, which was in respect of a bank official. The claim was for £3,000.
- The society insured staff working at the Guinness brewery during the 1880s.
Head office premises
| Year | Address |
|---|---|
| 1840 - 1845 | 28 Poultry, London |
| 1845 - 1884 | 19 Birchin Lane, London (purchased from London Assurance) |
| 1885 | 38 St Nicholas Lane, London (temporary offices while Birchin Lane was rebuilt) |
| c1886 - 1931 | 19 Birchin Lane, London |
| 1931 - 1957 | Sun Court, Cornhill, London |
| 1941 - 1944 | Enton Mill, Whitley, Surrey (temporary wartime address) |
| 1957 - 1998 | Becket House, 36/7 Old Jewry, London |
| 1998 - | One Lloyds Avenue, London |
Staff and officials
Secretary
| Year | Name |
|---|---|
| by 1842 - 1850 | Thomas Dodgson |
| 1850 - 1879 | James Muzio |
| 1879 - 1905 | Augustus Muzio (son of James) |
| 1905 - 1907 | Alfred Dalton |
| 1907 - 1936 | Frederick Hugh Sherwell |
| 1936 - 1939 | Edgar Henry Labbett (also manager) |
| 1939 - 1959 | C R Aveling-Tyler (also manager) |
| 1959 - 1966 | Victor John Thorndale Trumper (as manager and secretary until 1961; then as secretary) |
| 1966 - 1968 | A D Bean |
| 1968 - 1970 | I A Chambers |
| 1970 - 1973 | A J Swift |
| 1973 - 1977 | I A Chambers |
| 1977 - 1982 | L W Mansfield |
| 1982 - 1997 | R A Whitaker |
| 1997 - 1998 at least | P M White |
Manager
| Year | Name |
|---|---|
| 1840 - 1907 | No manager. It is assumed the society was run by the secretary during this period |
| 1907 - 1936 | Frederick Hugh Sherwell |
| 1936 - 1939 | Edgar Henry Labbett (also secretary) |
| 1939 - 1959 | C R Aveling-Tyler (also secretary) |
| 1959 - 1961 | Victor John Thorndale Trumper |
| 1961 - 1968 | H Phillips Smith |
| 1968 - 1977 | H W Sheppard |
| 1977 - 1990 | Douglas Procter |
| 1990 - c 1995 | A D Grant |
Guarantee Society proposal, 1964
Guarantee Society specimen share certificate
Guarantee Society staff magazine animation, 1923
Guarantee Society staff magazine, 1923
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
Directors (1914)
- Augustus C Scovell
- A G Brodrick
- H K Cannan
- W T Coles
- T F Fremantle (later Lord Cottesloe)
- W Stebbing
- M Stebbing
Home branches and agencies
- Manchester (29 September 1841; branch by 1914)
- Birmingham (by 1849; branch by 1914)
- Bradford (by 1849)
- Bolton (by 1849)
- Coventry (by 1849)
- Chester (by 1849)
- Edinburgh (by 1849)
- Glasgow (by 1849)
- Huddersfield (by 1849)
- Liverpool (by 1849; branch by 1914)
- Newcastle (by 1849; branch by 1938)
- Norwich (by 1849)
- Nottingham (by 1849; branch by 1938)
- Sheffield (by 1849; branch by 1938)
- Wakefield (by 1849)
- York (by 1849)
- Leeds (branch by 1914)
- Cardiff (by 1938)
Overseas agencies
- Dublin, Ireland (by 1849)
In the archives
The Aviva archive contains records relating to the running of the Guarantee Society from 1839 to 1997. The collection includes salaries books, minutes, seal registers, policies, proposals and share transfer books.