Clerical Medical

Clerical Medical is a British life assurance, pensions and investments company founded in 1824,^[1] and a subsidiary of Lloyds Banking Group.

Clerical Medical Investment Group Limited

Company type	Subsidiary
Industry	Financial services
Founded	1824; 201 years ago (1824)
Headquarters	London, England, UK
Products	life assurance Pensions Investments
Parent	Lloyds Banking Group
Website	www.clericalmedical.co.uk

History

Clerical, Medical and General Life Assurance Act 1850
Act of Parliament
Parliament of the United Kingdom
Long title	An Act for better enabling the Clerical, Medical, and General Life Assurance Society to sue and be sued; and to alter certain Provisions of their Deed of Constitution; and to give further Powers to the Society.
Citation	13 & 14 Vict. c. ix
Dates
Royal assent	17 May 1850
Other legislation
Repealed by	Clerical, Medical and General Life Assurance Act 1974
Status: Repealed
Text of statute as originally enacted

Clerical Medical and General Life Assurance Act 1887
Act of Parliament
Parliament of the United Kingdom
Long title	An Act to amend the Clerical Medical and General Life Assurance Act, 1850, and to make further provisions in relation to the capital of the Society and to the distribution of profits, and for other purposes.
Citation	50 & 51 Vict. c. x
Dates
Royal assent	29 March 1887
Other legislation
Repealed by	Clerical, Medical and General Life Assurance Act 1974
Status: Repealed
Text of statute as originally enacted

In 1824, Dr George Pinckard formed a committee of physicians and members of the clergy which published a pamphlet called 'Prospectus for the Establishment of a new Assurance Office with Improved Arrangements'. On 18 June 1824, the Medical, Clerical and General Life Assurance Society was formed. Pinckard was appointed as Chairman, the Marquis of Huntly as President, and Pinckard's brother Joseph as Resident Secretary and Actuary. A board of directors, which included eight eminent physicians was also appointed. The company's first policy was issued to Richard Pinckard, a nephew of Dr George Pinckard.^[1]

In 1855, the company moved its headquarters to Lichfield House in St James's Square, London.^[1]

Clerical, Medical and General Life Assurance Act 1961
Act of Parliament
Parliament of the United Kingdom
Long title	An Act to provide for the control and management of the Clerical, Medical and General Life Assurance Society as a Mutual Society; for the substitution of Loan Stock for the Share Capital of the Society; and for other purposes.
Citation	9 & 10 Eliz. 2. c. xii
Dates
Royal assent	9 May 1961
Other legislation
Repealed by	HBOS Group Reorganisation Act 2006
Text of statute as originally enacted

Clerical, Medical and General Life Assurance Act 1974
Act of Parliament
Parliament of the United Kingdom
Long title	An Act to provide for the incorporation of the Clerical, Medical and General Life Assurance Society; and for other purposes.
Citation	1974 c. xi
Dates
Royal assent	9 July 1974
Other legislation
Repealed by	HBOS Group Reorganisation Act 2006
Status: Repealed
Text of statute as originally enacted

Clerical Medical acquired the General Reversionary and Investment Company in 1913, and in 1920 a merger with the Employers' Liability Assurance Corporation took place. In 1961 by the Clerical, Medical and General Life Assurance Act 1961 (9 & 10 Eliz. 2. c. xii), Clerical Medical became a mutual office.^[1]

In 1975, the company moved its head office from St James's Square, London to Bristol.^[1]

Following the decision to demutualise the company in 1995, Clerical Medical merged with the Halifax in 1996, and was later absorbed into HBOS plc in 2001.^[1]

HBOS was bought by Lloyds TSB Group in January 2009. The resulting company, Lloyds Banking Group, announced in April 2009 that the Clerical Medical brand would eventually be phased out in favour of its Scottish Widows subsidiary.^[2]

In 2015, Lloyds Banking Group sold Clerical Medical International (CMI) to offshore life assurance company RL360°.^[3][4]

Illness and premium

In the early 19th century, the following illnesses, lifestyles, injuries, and description of such conditions were recorded and raised the premium for prospective applicants to Clerical Medical, by which the company made profit when clients lived longer than expected.^[5]

• "Consumption" (pulmonary tuberculosis)
• Dropsy (oedema)
• "spitting of blood" "vomiting of blood" (lung cancer, pneumonia, tuberculosis)
• "indigestion" "Bilious attacks with spasms" (ulcers, cancer)
• Gout
• Apoplexy "Paralysis and Determination of Blood to the Head"
• Intemperance "drinking ale to excess" "Takes Laudanum"
• "Corpulency" "Fast and short necked" "Lusty and lives rather freely"
• Rupture
• Amputations
• Physical injury "an account of His Grace (Duke of Richmond) to have a Musket Ball lodged in his person from a wound which he received at the Battle of Orthez, and his having, about six or seven years since, been affected with a spitting of blood after being thrown from his Horse when hunting"