Pearl Assurance

Gross written premiums less treaty (2000): £103.5m

Year established: 1864
Address: The Pearl Centre, Lynch Wood,
Peterborough PE2 6FY
Tel: ...

Pearl Assurance

Gross written premiums less treaty (2000): £103.5m

Year established: 1864
Address: The Pearl Centre, Lynch Wood,
Peterborough PE2 6FY
Tel: 01733 474 475
Fax: 01733 472 323
Website: www.pearl.co.uk

History: Pearl offers a wide range of products including endowments, pensions, life assurance and investment products, as well as general insurance covering home, contents and motor insurance. In 1989, Pearl became part of the giant Australian Mutual Provident Society (AMP), one of the largest insurance groups in the world. AMP demutualised in 1998.

In June 2001, AMP announced it was entering into an alliance with Churchill Insurance. This agreement will enable the company to pursue its strategy in general insurance in the UK, to retain distribution and customer management capabilities while leveraging the scale, skills and technologies of Churchill.

AMP will receive a payment from Churchill Insurance for an agreement for the rights to act as the insurer for the general insurance portfolio in the Pearl business. The agreement between Churchill and AMP relates to premium volumes over a five-year term.

As part of this agreement, Churchill will manufacture general insurance products to be distributed by AMP in the UK. AMP will receive commission on an ongoing basis for new business and renewal of this new business, payable at market rates.

AMP will also participate in a profit sharing agreement with Churchill, where it will receive a share of profit generated over the duration of the five year agreement.

Chief officer: Tom Fraser, managing director of AMP UK Financial Services.

Main classes of general insurance business: Property, motor and travel.

Notes: In June 2001, the company announced that with effect from Aug 2001, Churchill will take over the administration and underwriting of Pearl's existing general insurance policies and commence underwriting all new business. GIO UK removed - ceased trading 1999