Throwback Thursday: CII merger; Monument demolished

20 June 1991: CII merger damned by apathy

The proposed merger between the Chartered Insurance Institute and the Chartered Building Societies Institute was “almost certainly dead”, Post’s David Worsfold reported.

The CII’s then 70,000 members were asked to vote on the principle of changing the institute’s name to the Chartered Institute of Insurance and Financial Services at a special meeting.

The results of that ballot showed little enthusiasm for a change of name, seen as a prerequisite of the merger.

Monument demolished

Monument Martine & General Insurance was set to be wound up following a board decision to cease all underwriting and payment of claims.

“After making substantial provisions to reflect recent claims experience and taking into account the effect of transacting no new underwriting business since March 1991, Monument had net liabilities of £2.75m at 29 April 1991 (based on unaudited management accounts), compared with net assets of £0.77m in the audited accounts at 30 November 1990,” commented Monument directors.

Monument Marine & General Insurance, previously known as Marine and General Mutual Life Assurance Society, was a British insurance company established in 1852.

Despite Post’s 1991 report that the end was nigh, it wasn’t until 2018 that the company was finally dissolved, following the transfer of the business to Scottish Friendly in 2015.