CIS Tower, designed by G.S. Hay and
Gordon Tait. 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 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
industrial and provident society, changing its name to
Co-operative Insurance Society Limited (CIS). Other classes of business were provided for the general public and not just for co-operative societies and their members. 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
Co-operative Retail Services in 2000. In 2002, due to the poor performance of CIS, Co-operative Financial Services was created as a holding company for both CIS and
The Co-operative Bank including
Smile, the first full internet bank and, in 2008,
The Co-operative Insurance and
The Co-operative Investments trading names were introduced. In 2011, Co-operative Financial Services became the Co-operative Banking Group. In 2006, CIS split its life and general insurance businesses into two separate entities, establishing
CIS General Insurance Limited 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 services to both CIS and CISGIL. In 2011, after 125 years, The Co-operative Insurance announced that it would cease providing life assurance products.
Divestment 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 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
Capita Group 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, related to bad debts on commercial real estate, belated costs following the 2009 purchase of
Britannia Building Society, and a failed overhaul of key IT systems. In July 2013, Co-operative Insurance Society became a
private company limited by shares under the
Companies Act, changing its name to Royal London (CIS) Limited. Subsidiary undertakings, CIS Unit Managers Limited (trading as
The Co-operative Investments) 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. 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 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. In 2020, Co-operative Group sold the insurance underwriting business, CIS General Insurance Limited, for £185million, leaving the Co-op name as a marketing and distribution brand only. The underwriting business was renamed Soteria Insurance Limited following the sale. ==Operations==