On This Day In History
On this day in history is our very own database of historical events which happened on this day in years gone by. These events will change on a daily basis to correspond with today’s date.
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On this day in 1861:
Comercial Union Fire insurance Company Starts Trading.
On 22nd June 1861, a fire started in a London hemp warehouse and raged for nearly two days.
The size of the disaster created panic among insurance companies, who announced premium increases for waterside warehouses. Merchants called a public protest meeting and formed a committee to consider how to make their opposition most effective.
Just three insurers took advantage of the committee’s offer of consultation. On 5th August, following the consultation, it was decided to form a new company, “The Commercial Union Fire Insurance Company”.
On 28th September 1861, its constitution was established and the Commercial Union Assurance Company started business.