A mutual insurance company is an insurance company owned entirely by its policyholders . It is a form of consumers' co-operative . Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums. In contrast, a stock insurance company is owned by investors who have purchased company stock; any profits generated by a stock insurance company are distributed to the investors without necessarily benefiting the policyholders.
21-500: The Royal London Mutual Insurance Society Limited , along with its subsidiaries, is the largest mutual insurer and investment company in the United Kingdom , and in the top 30 mutuals globally, with Group funds under management of £169 billion, as of March 2024. Group businesses provide 8.5 million policies and employ over 4,400 people, as of June 2024. Royal London is the largest mutual life, pensions and investment company in
42-569: A social market economy , the role of trade associations is often taken by employers' organizations , which also take a role in social dialogue . One of the primary purposes of trade groups, particularly in the United States, is to attempt to influence public policy in a direction favorable to the group's members. It can take the form of contributions to the campaigns of political candidates and parties through political action committees (PACs); contributions to "issue" campaigns not tied to
63-583: A candidate or party; and lobbying legislators to support or oppose particular legislation. In addition, trade groups attempt to influence the activities of regulatory bodies . In the United States, direct contributions by PACs to candidates are required to be disclosed to the Federal Election Commission or state and local election overseers; are considered public information; and have registration requirements for lobbyists (FEC: Lobbyist). Even so, it can sometimes be difficult to trace
84-453: A friendly society dedicated to serving the interest of its members and securing their financial security. Royal London became a mutual life assurance society in 1908. Other elements of the modern business are older than the primary brand: for example Royal Liver Assurance was founded in 1850, while the Irish business, until recently branded as Caledonian Life dates back to 1824, and represents
105-904: A market. In September 2007, the German trade association for Fachverband Verbindungs- und Befestigungstechnik (VBT) and five fastener companies were fined 303 million euros by the European Commission for operating cartels in the markets for fasteners and attaching machines in Europe and worldwide. In one of the cartels, the YKK Group , Coats plc , the Prym group, the Scovill group, A. Raymond, and Berning & Söhne "agreed [...] on coordinated price increases in annual 'price rounds' with respect to 'other fasteners' and their attaching machines, in
126-766: A single Royal London brand. In 2020 Royal London purchased Police Mutual and Forces Mutual. Mutual insurance The concept of mutual insurance originated in England in the late 17th century to cover losses due to fire. The mutual/casualty insurance industry began in the United States in 1752 when Benjamin Franklin established the Philadelphia Contributionship for the Insurance of Houses From Loss by Fire. Mutual property/casualty insurance companies exist now in nearly every country around
147-500: A specific corporate product, such as a specific brand of cheese or toilet paper, industry trade groups advertisements generally are targeted to promote the views of an entire industry. These ads mention only the industry's products as a whole, painting them in a positive light in order to have the public form positive associations with that industry and its products. For example, in the US the advertising campaign "Beef. It's what's for dinner"
168-417: A transaction to acquire the open businesses of Resolution . These were the protection businesses Scottish Provident and Scottish Mutual; Phoenix Life Assurance Limited (formerly Abbey National Life) and Scottish Provident International. At the beginning of 2009 the offshore businesses Scottish Provident International and Scottish Life International were combined to form a new entity, Royal London 360° based in
189-823: Is an organization founded and funded by businesses that operate in a specific industry . Through collaboration between companies within a sector , a trade association participates in public relations activities such as advertising , education, publishing and, especially, lobbying and political action . Associations may offer other services, such as producing conferences, setting industry standards, holding networking or charitable events, or offering classes or educational materials. Many associations are non-profit organizations governed by bylaws and directed by officers who are also members. (FEC: Solicitable Class of Trade Association). Many associations are non-profit organizations governed by bylaws and directed by officers who are also members. ( Library of Congress ). In countries with
210-519: Is often an important reason why companies join a trade association in the first place. Examples of larger trade associations that publish a comprehensive range of media include European Wind Energy Association (EWEA), Association of British Travel Agents (ABTA) and the Confederation of British Industry (CBI). Industry trade groups sometimes produce advertisements, just as normal corporations do. However, whereas typical advertisements are for
231-847: Is used by the National Cattlemen's Beef Association to promote a positive image of beef in the public consciousness. These are adverts targeted at specific issues. For example, in the US in the early 2000s the Motion Picture Association of America (MPAA) began running advertisements before films that advocate against movie piracy over the Internet. Trade associations have faced frequent criticism due to allegations that they operate not as profit-making organizations, but rather as fronts for cartels involved in anti-competitive practices . Critics contend that these associations engage in activities such as price-fixing ,
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#1732791248922252-617: The Caledonian Insurance Company founded in Edinburgh in 1805. Royal London Asset Management (RLAM) a wholly owned subsidiary of the group was founded in 1988. RLAM employs 76 investment professionals, based in the company's London office. In 2013, Royal London signed a four-year deal to sponsor one day cricket in England and Wales , including domestic and international fixtures. On 31 December 2000 Royal London took over United Assurance Group plc. The transaction
273-721: The Isle of Man. This business was subject to a management buyout in November 2013. Royal London 360° rebranded to RL360° soon after the MBO . In 2010 Royal London announced that it was in talks with Royal Liver Assurance over a possible acquisition. Terms were agreed in 2011 and the delegates of Royal Liver voted for the takeover at their AGM on 12 May 2011 and the transfer was completed on 1 July. In 2013 The Co-operative Group agreed to sell its life & pensions and asset management businesses to Royal London. The proposed transaction gained
294-724: The UK, while also providing protection products in Ireland . Royal London is registered in England with its head office in the City of London . It has other large offices in Alderley Park and Edinburgh , with smaller offices in Glasgow , Dublin , Lichfield & Liverpool . Founded in 1861 by Joseph Degge and Henry Ridge in a London coffee shop, Royal London was initially set up as
315-770: The United States, outlined the potentially anti-competitive nature of some trade association activity in a speech to the American Bar Association in Washington, DC , in March 2005 called "The Good, the Bad and the Ugly: Trade Associations and Antitrust ". For instance, he said that under the guise of "standard setting", trade associations representing the established players in an industry can set rules that make it harder for new companies to enter
336-468: The approval of Royal London members at an EGM in June 2013 and gained regulatory approval on 31 July 2013. In 2015 Caledonian Life, the group’s Irish business rebranded to become Royal London Ireland. At the end of 2015, Royal London completed the rebrand of its two UK protection businesses, Bright Grey and Scottish Provident to a new Royal London protection brand. This completed the group’s journey to become
357-477: The creation and maintenance of barriers to entry in the industry, and other subtle self-serving actions that are detrimental to the public interest. These criticisms raise concerns about the true nature and intentions of trade associations, questioning their commitment to fair competition and the welfare of the broader economy. Jon Leibowitz , a commissioner at the Federal Trade Commission in
378-452: The funding for issue and non-electoral campaigns. In Slovenia , the government 's approach to consulting business associations has been noted by the European Commission as a good practice example. Almost all trade associations are heavily involved in publishing activities in print and online. The main media published by trade associations are as follows: The opportunity to be promoted in such media (whether by editorial or advertising)
399-611: The globe. The global trade association for the industry, the International Cooperative and Mutual Insurance Federation, claims 216 members in 74 countries, in turn representing over 400 insurers . In North America the National Association of Mutual Insurance Companies (NAMIC) , founded in 1895, is the sole representative of U.S. and Canadian mutual insurance companies in the areas of advocacy and education. The "mutual holding company" structure
420-850: Was first introduced in Iowa in 1995, and has spread since then. There have been concerns that the mutual holding company conversion is disadvantageous for the owners of the company, the policyholders. The major disadvantage of mutual insurance companies is the difficulty of raising capital. In the 111th Congress , Carolyn Maloney sponsored a bill that she claimed would have protected mutual holding company owners. The measure, H.R. 3291 , died in committee. Mutual holding companies are one way to undergo privatization, also called demutualization . General Mutual insurance companies Health insurance companies Trade association A trade association , also known as an industry trade group , business association , sector association or industry body ,
441-663: Was the largest acquisition of a quoted UK company by a mutual. United Assurance Group itself had been formed by the merger of United Friendly and Refuge Assurance in October 1996. On 2 October 2000 it was announced that Royal London would acquire Scottish Life, the Edinburgh-based pension specialist. Transfer took place on 1 July 2001. In March 2003 Royal London launched a new start up protection business, Bright Grey based in Edinburgh. In May 2008 Royal London concluded
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