On 11 March 1845, a group of prominent Liverpool merchants and businessmen formed a joint stock fire and life association called Royal, and within nine days they were advertising an offer to subscribe.

[4] The first general manager was recruited from Royal Exchange Assurance, Percy Matthew Dove, a qualified actuary.

He led the company until his death in 1868 and, with the support of the directors, was responsible for the Royal’s early rapid growth.

[8] Founded in Liverpool in 1863, it had a network of overseas agents and by the opening of the twentieth century was one of Britain’s two largest marine insurers.

[12] The “Globe’s” subsequent EGM to approve the merger made it clear that it would work “under its own directors and management as a separate concern”.

Even that had not gone far enough because there was further restructuring in 1981, with new companies made responsible for specific product areas, e.g., Royal Life Insurance Ltd.[4][5] Expansion in the United States continued in 1982, when the group acquired the Milbank Insurance Company followed in 1983 by the Missouri-based Silvey Corporation and American Overseas Holdings.

At this point the United States was the Royal’s largest single market, representing 41% of its worldwide general insurance premiums.

Like other financial institutions, in 1985 Royal started buying chains of estate agents, continuing right until the end of the housing boom; by October 1988 it had a controlling interest in 772 branches.

Previously averse to high levels of debt, Royal borrowed over £800 million to finance the purchase of the life companies and estate agents.

When the turnround came, it was rapid: by 1993, Royal had returned to profit and a £400 million rights issue helped to improve the capital base.

[4] In May 1996 the £5.4 billion merger of Royal Insurance and Sun Alliance was announced, with an expected loss of 5,000 jobs and cost savings of £175 million.

[18] It opened a new operational headquarters, known as The Capital, in Old Hall Street in Liverpool in July 1976[19] although the head office remained at 1 Cornhill in London.