Abbey Life
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Abbey Life
This article is about the UK life assurance company. For the UK bank, Abbey, formerly the Abbey National building society, see Abbey (bank).
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| Former type | Public |
|---|---|
| Industry | Life assurance |
| Fate | Acquired |
| Successor(s) | Deutsche Bank |
| Founded | 1961 |
| Defunct | 2007 |
| Headquarters | London, UK |
| Key people | Sir Mark Weinberg, (Chairman) |
| Website | www.abbeylife.co.uk |
Abbey Life plc was a leading life assurance business based in London also with an office in Bournemouth. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index.
History
The Company was founded by Mark Weinberg in 1961 as the Abbey Life Assurance Company.[1] ITT Corporation bought a half interest in the Company in 1964 and in 1970 bought the rest.[1] It was first listed on the London Stock Exchange in 1986.[1] In 1988, the then Lloyds Bank acquired a majority stake in the business which became known as Lloyds Abbey Life.[1] The Company became wholly owned by Lloyds TSB in 1996[1] and absorbed Hill Samuel Life Assurance Company in 1998.[1] It lost its sales force in 2000 when it closed to new business.[1]
In 2007, Lloyds Banking Group sold the Company to Deutsche Bank.[2]
References
- ^ a b c d e f g Unisys and Abbey Life strike major outsourcing deal Businesswire, 18 January 2001
- ^ Buoyant Lloyds TSB offloads insurer Abbey Life The Guardian, 1 August 2007
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