Throwback Thursday: Pru rebellion; Skandia rebrand
This month Insurance Post’s Throwback Thursday steps back in time to June 1991 to remind you what was going on this week in insurance history when Skandia was rebranding and Prudential staff looked set to strike.
6 June 1991: Rebellious mood may spark strike at Pru
In the wake of a hostile shareholders’ meeting, Prudential faced the threat of industrial action.
Members of the National Union of Insurance Workers were recommending Prudential staff strike as they were dealing with the claims the provider broke pledges on pensions and management practices.
The threat of a strike came after then chief executive Mick Newmarch faced shareholders who demanded to know how his 43% pay increase could be justified when profits for 1990 had been slashed to £243.8m.
New shape for NIG
The National Insurance & Guarantee Corporation, bought by Skandia in 1989, rebranded to Skandia.
Skandia was bought by Old Mutual in 2006.
As of 2020, Old Mutual became ReAssure Life Limited and operates under the customer-facing brand ReAssure.
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