Britannic Asset Management

Britannic traces its origins back to 1866, when the predecessor company to Britannic was founded in Birmingham, spreading rapidly throughout Lancashire, Yorkshire and the rest of the UK. In 1905 the company began to trade as Britannic Assurance (BA). In 1998 BA moved to modern custom built premises in Wythall, Birmingham and underwent significant r... estructuring and refocusing in the distribution of its products. 1998 also saw the establishment of a Group holding company, Britannic Group plc. By this time BA was already involved in a significant investment programme to deliver an improved IT systems infrastructure and this activity culminated in a Best Use of Technology Award at the 2000 Customer Services Awards. In 1999 the Group acquired a 75% stake in Glasgow-based Britannic Asset Management (the remaining 25% share was acquired in 2001) and the whole of Alba Life (previously known as Britannia Life). Three years later the administration of Alba Life's individual life and pensions business was successfully transferred to Wythall. Additionally, in 2000 Britannic Retirement Solutions (BRS), a specialist provider of in-retirement products, was launched based in Redhill, Surrey. Following substantial falls in investment markets over a three year period a strategy was developed to preserve capital and ensure the ongoing financial strength of the Group as a whole. During this volatile period BA closed its sales force division (in 2001) and in 2003 BA and BRS closed to new business. Also in 2003 a review took place between Britannic Assurance and Alba Life concerning the provision of capital to support Alba Life's solvency, bonus and investment policy. The review concluded successfully with new arrangements which are fair to both sets of policyholders. In 2004 the Group announced a new strategy - to become the best owner and administrator of closed life funds from both a policyholder and a shareholder perspective. To accommodate and support this strategy Britannic Group formed two core divisions - Asset Management ...Read More