Phoenix Assurance Company of London.

Feilding Star, Volume XVI, Issue 204, 27 February 1895, Page 3

Phoenix Assurance Company of London.

The following is an extract from " The Index," one of the most influential London Insurance Journals :— " It will be a satisfaction to very many to know that the Phoenix Fire Office has at last decided to conform to modern usages, to publish its reports', revise its constituents, subdivide its shares, and do all other things necessary to bring- the famous old Company into line with its competitors. Founded in 1785, the Company was unable to .obtain a Charter, and accordingly worked under a deed of settlement, tbe last important alterations in which were made in 1836. It now gives notice of its intention to apply, in tbe next session of Parliament, for a special Act, which will enable it to carry into force the alterations above named. The Phoenix has for long held so high a position, that hardly anything could increase the prestige of the Office, other than the step now taken. The public has very willingly given its confidence to a fire insurance company, which, while preserving an absolute secrecy as to its accounts and position has nevertheless, by an unsullied record extending over a "hundred and twelve years, j fairly earned its right to respect. The j Phoenix is understood to have a premium income of about a million sterling, with funds of a considerable larger amount. The " capital " of the company bas been divided into 6,722 shares, usually quoted at about £270, the amount standing as paid-up capital being about £70,000. The liability of the shareholders is unlimited, and the general character of the share list has accordingly been carefully maintained at a high standard The steps now proposed to be taken by the Company are the only things needed to place the Phoenix m that position to which its age, influence and magnitude entitle it. Now tbat the Company is to be modernized, its future ought to be brilliant indeed." The Post Magazine, a hading English insurance and finance journal, publishes a list of amounts held at risk in London by the Insurance Companies doing business there. The Phoenix heads the list with a total of d.84,169,417, or more than 10 per cent, of the whole amount insured.