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301:) and CIS Policyholder Services Limited became RLUM (CIS) Limited and RL Marketing (CIS) Limited respectively. The Co-operative Asset Management Limited also transferred, becoming Royal London Asset Management (CIS) Limited. Excluded from the sale, CIS General Insurance remained with the Co-operative Banking Group.
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In March 2013, the Co-operative
Banking Group agreed to sell the life insurance, investment and pension businesses to the Royal London Mutual Insurance Society, due to ongoing issues with internal management capability. The intention to sell the general insurance aspect was also announced, although
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The Co-operative
Insurance Company Limited was formed in 1867 to provide fire and fidelity guarantee insurance to co-operative societies. In 1886, at an Annual General Meeting it was resolved "...that Life Assurance be undertaken by the Company, and that the shareholders forfeit any rights they may
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since 2007 in an attempt to reduce operating costs. In May 2013, the Co-operative
Banking Group withdrew from the agreed purchase of the TSB business after regulators uncovered the extent of issues within the company. In June, the Group revealed a shortfall in its accounts of up to £1.8 billion,
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within which all new and renewing insurance business was written. All existing CIS general insurance business was reinsured with CISGIL and CIS continued to write long-term savings and insurance business only. CFS Management
Services Limited was created at the same time to provide common support
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In
January 2014, The Co-operative Group announced its decision not to sell the GI business. The proceeds of the sale (announced on 21 March 2013) were envisaged to be a part of the Group’s planned £1 billion contribution to the recapitalisation of The Co-operative Bank. The revised terms of the
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The shares of the
Society were taken over by the Co-operative Wholesale Society and the Scottish Co-operative Wholesale Society in 1913. In 1973, the Scottish Co-operative Wholesale Society merged with CWS. CWS became The Co-operative Group on merger with
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Recapitalisation Plan, as set out on 4 November 2013, involve a smaller Group contribution and have allowed the Group, as part of its wider strategic review, to reconsider its plans. The Co-operative Group no longer owns any part of the former Bank.
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Originally registered under the
Industrial and Provident Societies Act 1965, No. 29999R. Converted into a company limited by shares under the Companies Act 2006, No. 12698289, in 2020. Entered in the Financial Services Register, Firm No.
225:
have to the profits of the Life
Department and agree that they shall belong exclusively to the Policyholders." In 1899, industrial life business was also introduced and the company was converted into an
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The
Society's head office on Miller Street in Manchester city centre was, at the time of completion in 1962, the tallest building in Europe, standing at 387 feet (118 m). Since the opening of the
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Insurance, part of the
Allianz (UK) Group. HomeRescue Plus, motor breakdown et cover and accident recovery service are provided on behalf of Co-op Insurance by AXA Assistance (UK).
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agreed to buy the life insurance business unit for an estimated £219 million. As a result, Co-op Insurance currently offers business, home, motor, travel and pet insurance products.
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in the event of a sale, it stated it would continue to sell re-badged products under The Co-operative Insurance name. The administration of the life portfolio had been managed by
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Registered as a Co-operative Society under the Co-operative and Community Benefit Societies Act 2014, No. RS004390. Entered in the Financial Services Register, Firm No. 779364
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PRA approves Royal London’s acquisition of the Co-operative Group’s life insurance business; FCA approves acquisition of Co-operative’s asset management business
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In 2020, Co-operative Group sold the insurance underwriting business for £185million, leaving the Co-operative name as a marketing and distribution brand only .
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Co-op Insurance currently offers business, home, motor, travel and pet insurance products. Pet insurance is provided, underwritten and administered by
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services to both CIS and CISGIL. In 2011, after 125 years, The Co-operative Insurance announced that it would cease providing life assurance products.
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Previously CIS Investment Management Ltd. Registered in England and Wales, No. 3858994. Entered in the Financial Services Register, Firm No. 141665
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Members of The Co-operative Group and participating regional societies earn membership points on the products they hold. Points are converted into
181:, United Kingdom. Co-op Insurance Services, an insurance intermediary incorporated in 2017, is a wholly owned subsidiary of CIS General Insurance.
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was clad in solar panels due to a large number of 1960’s tiles falling off the building, becoming Europe's largest vertical solar array.
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at a rate agreed annually by the Board.A decision made by the Coop meaning Coop members will not earn 2p per £1 spend from 24th Jan 24.
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Registered in England and Wales under the Companies Act 1985, No. 2369965. Entered in the Financial Services Register, Firm No. 144032
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586:"Co-op agrees to sell insurance underwriting business to Markerstudy and creates distribution agreement for home and motor policies"
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233:(CIS). Other classes of business were provided for the general public and not just for co-operative societies and their members.
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In 2002, due to the poor performance of CIS, Co-operative Financial Services was created as a holding company for both CIS and
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trading names were introduced. In 2011, Co-operative Financial Services became the Co-operative Banking Group.
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Registered in England and Wales, No. 3390839. Entered in the Financial Services Register, Firm No. 188391
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in 2006, it is now the second tallest building in Manchester. In 2006, using a government subsidy, the
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In 2006, CIS split its life and general insurance businesses into two separate entities, establishing
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is the trading name of CIS General Insurance, a general insurance company, which is part of the
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related to bad debts on commercial real estate, belated costs following the 2009 purchase of
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This article is about the insurance company. For the type of insurance company, see
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Capita Group plc and Co-operative Insurance sign major outsourcing contract
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End of an era: Co-operative Group set to sell-off General Insurance
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395:"Mark Summerfield: Executive Profile & Biography - Bloomberg"
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Co-op agrees £219m sale of its insurance arm to Royal London
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The Co-operative Banking Group (retrieved 24 August 2013)
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Co-op Insurance Society Ltd v Argyll Stores Holdings Ltd
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The Royal London Mutual Insurance Society, August 2013
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In July 2013, Co-operative Insurance Society became a
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Britain is turning its back on co-operative insurance
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For most of its history, Co-op Insurance was also a
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922:Financial services companies of the United Kingdom
612:The Co-operative Group (retrieved 27 August 2013)
421:"Co-op Insurance 2016 Annual Report and Accounts"
917:Financial services companies established in 1867
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338:sponsorship. It has previously sponsored the
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536:The Co-operative Banking Group, 26 July 2013
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468:Industrial and Provident Societies Act 1965
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927:1867 establishments in the United Kingdom
912:Insurance companies of the United Kingdom
192:, sharing surpluses with holders of its
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334:The Co-op Insurance has a tradition of
445:Manchester Evening News, 19 March 2013
231:Co-operative Insurance Society Limited
937:British companies established in 1867
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216:CIS Tower, designed by G.S. Hay and
897:Co-operatives in the United Kingdom
842:Associated Co-operative Creameries
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827:Co-operative Travel Trading Group
573:Welcome to the Royal London Group
291:private company limited by shares
492:Co-operative News, 21 March 2013
227:industrial and provident society
716:Federal Retail Trading Services
794:The Co-operative Banking Group
18:Co-operative Insurance Society
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932:Companies established in 1867
907:Companies based in Manchester
902:Cooperative banking in Europe
524:Capita Group, 15 October 2007
265:CIS General Insurance Limited
847:Co-operative Retail Services
832:The Co-operative Motor Group
299:The Co-operative Investments
258:The Co-operative Investments
239:Co-operative Retail Services
194:'with-profits' life policies
27:Insurance company in the UK
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455:The Co-operative Insurance
284:Britannia Building Society
254:The Co-operative Insurance
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817:The Co-operative Pharmacy
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787:Former formats/interests
505:The Guardian, 7 May 2013
73:29 August 1867
822:The Co-operative Travel
229:, changing its name to
837:The Co-operative Farms
665:The Co-operative Group
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143:The Co-operative Group
55:Subsidiary undertaking
800:The Co-operative Bank
590:www.co-operative.coop
466:Registered under the
246:The Co-operative Bank
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694:Co-op Legal Services
610:The Co-op Membership
856:Former subsidiaries
340:Scottish League Cup
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746:Shirine Khoury-Haq
520:2013-11-04 at the
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198:Royal London Group
175:Co-operative Group
64:Insurance services
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748:(Chief Executive)
684:Co-op Funeralcare
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123:General insurance
108:Mark Summerfield
16:(Redirected from
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778:NOMA, Manchester
723:The Co-operative
699:Co-op Electrical
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279:Capita Group
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190:fund manager
186:life insurer
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132:£4.4 billion
85:Headquarters
52:Company type
866:David Sands
218:Gordon Tait
177:, based in
891:Categories
876:Somerfield
871:Local Plus
754:(Chairman)
679:Co-op Food
405:27 October
382:References
358:Membership
312:Operations
293:under the
272:Divestment
248:including
179:Manchester
162:/insurance
104:Key people
92:Manchester
90:CIS Tower,
77:1867-08-29
810:Britannia
769:CIS Tower
709:Wholesale
322:CIS Tower
241:in 2000.
701:(online)
518:Archived
370:See also
364:dividend
346:and the
344:Scotland
336:football
119:Products
60:Industry
862:Alldays
595:22 June
329:Allianz
204:History
149:Website
129:Revenue
75: (
70:Founded
739:People
672:Retail
480:435022
401:. 2017
138:Parent
805:Smile
725:brand
250:Smile
156:.coop
730:Nisa
597:2021
407:2017
256:and
212:The
188:and
776:at
350:in
342:in
160:.uk
158:.co
154:www
112:CEO
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