 | |
 The original head office at 147 Buchanan Street, Glasgow | |
| Company type | Mutual company |
|---|---|
| Industry | Mutual life assurance |
| Founded | 1823 |
| Defunct | 1997 |
| Fate | Acquired by Prudential Assurance |
| Headquarters | Craigforth House, near Stirling, Scotland , |
Area served |
|
Key people | |
| Products | Life insurance policies |
| Revenue | £3,106.5 million [2] (1997) |
| £1,125.9 [2] (1997) | |
| AUM | £15 billion (1997)[3] |
Number of employees | 2,200 [4] (1995) |
The Scottish Amicable Life Assurance Society, commonly known as Scottish Amicable, was a Scottish mutual life insurance company based in Glasgow. It was founded in 1826 and became the sixth largest mutual life assurance institution in the UK with 1.9 million policy holders in the mid-1990s before being acquired.
After Scottish Amicable announced a plan to demutualise the company in early 1997, a bidding war, which also involved Abbey National and AMP Limited, took place. Scottish Amicable was acquired by Prudential Assurance, in a deal worth £2.8 billion (US $4.5 billion) (US $10 billion at current prices) two months later. It was regarded as a major transaction at the time and the Wall Street Journal said, that with this deal, "Mergermania Has Hit European Companies".
- ^ "Paul Bradshaw, Deputy Managing Director, Scottish Amicable, Sandy Stewart, Chairman, and Roy Nicholson, Managing Director, in London today (Thursday) to unveil the Insurance company's plans for a two-step process leading up to a flotation on the stock market within three to five years". Alamy. Retrieved 6 July 2023.
- ^ a b "Annual Report 1997". Scottish Amicable Life Assurance. Retrieved 6 July 2023.
- ^ "Closure of fund management operation severely damages Glasgow's standing as a financial centre Pru moves Saim assets south". Herald Scotland. 8 July 1997. Retrieved 7 July 2023.
- ^ "ScotAm chiefs set to share pounds 14m windfall". The Independent. 17 January 1997. Retrieved 6 July 2023.