Co-operative Insurance Society


Co-operative Insurance Society

Infobox_Co-operative
company_name = Co-operative Insurance Society Limited
company_
company_type = Consumer Co-operative
company_slogan = Good with Money
foundation = 1867
location = Manchester, United Kingdom
key_people = David Anderson, Chief Executive
revenue = £3.5 billion
industry = Financial Services
products = General Insurance, Life Assurance and Investments
homepage = [http://www.cis.co.uk/ www.cis.co.uk]

The Co-operative Insurance, formally Co-operative Insurance Society Ltd, is a large insurance company based in Manchester in the United Kingdom. It is one of the two main constituents of Co-operative Financial Services, which is in turn owned by Co-operative Group Ltd, formerly the Co-operative Wholesale Society.

The Co-operative Insurance is both a general insurer and a life insurer, as well as a fund manager. It shares surpluses with holders of its with-profits life policies and with individual members of The Co-operative Group in proportion to their general insurance patronage. The insurer built and owns the second tallest building in Manchester, once the tallest building in Europe.

History

The Co-operative Insurance Company was formed in 1867 to provide fire insurance to co-operative societies. In 1899 this became an Industrial and Provident Society and changed its name to Co-operative Insurance Society. The Society is authorised and regulated by the Financial Services Authority. [Registered under the Industrial and Provident Societies Act 1965, No. 3615R. Entered in the Register under No. 150965]

In 2002, 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. To maximise the co-operative identity, The Co-operative Group brought all of its businesses under the common "The Co-operative" brand. CIS was re-branded The Co-operative Insurance in April 2008.

The Society's head office on Miller Street in Manchester city centre was, at the time of completion in 1962, the tallest building in Europe, standing at 387 feet (118 m). Since the opening of the Beetham Tower in 2006, it is now the second tallest building in Manchester. In 2006 the CIS Tower was clad in solar panels, becoming Europe's largest vertical solar array.

The Society has a tradition of football sponsorship. It currently sponsors the Scottish League Cup in Scotland and the Irish Football League Cup in Northern Ireland.

ubsidiaries

The Co-operative Insurance and The Co-operative Investments are trading names of Co-operative Insurance Society. The following are wholly-owned subsidiaries of the Society, authorised and regulated by the Financial Services Authority:
*CIS General Insurance Limited [Registered under the Industrial and Provident Societies Act 1965, No. 29999R. Entered in the Register under No. 435022]
*CIS Unit Managers Limited [Registered in England and Wales under the Companies Act 1985, No. 2369965. Entered in the Register under No. 144032]
*CIS Policyholder Services Limited [Registered in England and Wales under the Companies Act 1985, No. 3390839. Entered in the Register under No. 188391]

In 2006 CIS split its life and general insurance businesses into two separate entities and CISGIL was established, within which all new and renewing insurance business is now being written. All existing CIS general insurance business is now reinsured with CISGIL and CIS will in future continue to write long-term savings and insurance business only. CFS Management Services Ltd was created at the same time to provide common support services to CIS and CISGIL.

Membership

A co-operative is a business, but more than this, it acts together to meet the common needs and aspirations of its members, sharing ownership and making decisions democratically. Co‑operatives are not about making big profits for shareholders, but creating value for their members. Their top priority is to provide the best possible services for their members and to invest in the communities where they live. This gives co‑operatives a unique character and influences what they stand for. [Statement on the Co-operative Identity (Definition) International Co-operative Alliance, Manchester, 1995]

Members of The Co-operative Group are entitled to earn dividend on home and motor policies held with the Society. [ [http://www.co-operativeinsurance.co.uk/servlet/Satellite/1204529928148,CFSweb/Page/Insurance The Co-operative Membership] The Co-operative Insurance (retrieved 09 April 2008)] With-profits policy holders share in the surpluses of the life assurance fund.

References

External links

* [http://www.cis.co.uk/ The Co-operative Insurance]
* [http://www.co-operativebank.co.uk/ The Co-operative Bank]
* [http://www.cfs.co.uk/ Co-operative Financial Services]


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