There ae no records of the original meetings or the motivation of the promoters, but it is believed that there was a substantial involvement by bankers.

A notice in The Times in November 1821 stated that the court of directors of Guardian Fire and Life announce that a general meeting of the subscribers would be held at the City of London Tavern on 10th of December when the deed of settlement would be submitted for approval.

[3] The following February the directors announced that "the principles upon which this Institution have been founded have been adopted" and the subscribed capital was £1,500,000.

[4] One of the unexplained "principles" of, to use its full name, the Guardian Fire and Life Assurance Company, was that no shares were to be granted to persons resident in the metropolis (London) or within ten miles, except by permission.

The directors resolved to avoid risks in America and the Levant, but did accept a proposal to insure a church in St Petersburg.

In 1883 the Guardian bought the London and Provincial Law Assurance Society: the number of policies rose from 4,518 in 1879 to 7,192 in 1884; and by 1914 these had risen to 15,750.

However, in the early 1860s, as the life business languished, the fire department began an active overseas expansion.

[8] In February 1999 the Guardian Royal Exchange was purchased by AXA, who subsequently sold the Life and Pensions business to AEGON NV, later that same year.