Abbey Life
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| Public | |
| Industry | Life assurance |
| Fate | Acquired |
| Successor | Deutsche Bank |
| Founded | 1961 |
| Defunct | 2007 |
| Headquarters | London, UK |
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Key people
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Sir Mark Weinberg, (Chairman) |
| Website | www |
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
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 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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