The Guardian Assurance Company was a British insurance company based in London and formed in 1821 to offer both life and fire insurance. Through a combination of organic growth and acquisition it became one of the leading insurance companies. It operated as a mutual organization, meaning that it was owned by its policyholders rather than by shareholders. In 1968 it merged with Royal Exchange to form Guardian Royal Exchange.
History
The first hundred years
There are no records of the original meetings or the motivation of the promoters, but it is believed that there was a substantial involvement by bankers. The chairman, Stewart Marjoribanks, was an East India merchant; and the deputy chairman, Richard Mee Raikes, later became Governor of the Bank of England. A notice in The Times in November 1821 stated that the court of directors of Guardian Fire and Life announce that a general meeting of the subscribers would be held at the City of London Tavern on 10 December 1821 when the deed of settlement would be submitted for approval.[3] The following February the directors announced that "the principles upon which this Institution have been founded have been adopted" and the subscribed capital was £1,500,000.[4]