Wesleyan's history - 1841 to today
Call us on: 0800 092 19 90. Monday to Friday 8:30am - 5:30pm. Or let us you.Established in the
early years of Queen Victoria's reign, Wesleyan has seen and played
a part in many social changes. One thing that hasn't altered
however is the Society's commitment to honesty, truth and fairness
for all.
1841
Members of the Wesleyan Methodist Church in Birmingham founded the Society in 1841 to help people overcome the financial problems brought on by the first industrial revolution.
1855
The Society began offering life assurance on a nationwide scale and was amongst the first to develop a weekly door-to-door collection service.
1866
In recognition of the Society's move from being a localised 'provident' to a nationwide organisation with a larger scale of operation, an Act of Parliament was obtained changing the Society's name to The Wesleyan & General Assurance Society (W&G).
The Act also meant the Society became exempt from the restrictions of the earlier Friendly Societies Act, allowing it to grant assurances for unlimited amounts.
During this year the Society began to transact industrial life assurance of 'Home Service' as it became known, services tailored to the needs of the new manufacturing classes.
By developing a system where premiums were collected weekly, Wesleyan helped people resist the temptation to spend and encouraged thrift amongst the poorer classes.
This proved immediately popular, when the 'insurance man' became a familiar figure. Even today, Industrial Branch business plays an important role in our continued success.
1894
As the Society continued to grow, Birmingham too was becoming increasingly important as a manufacturing, commercial and communications centre.
So it was very much a sign of the times when the London and North West Railway Company required both of the Society's Moor Street premises for the proposed widening of the rail lines into New Street Station.
1914
The Wesleyan & General Assurance Society Act was granted, giving the Society a corporate identity of its own and allowing it more investment freedom.
The Act had a significant effect on the W&G's subsequent progress.
During the Great War the Society was a generous subscriber to the Government and allies' War Loan funds. In February of this year, a single cheque for £250,000 was drawn for this purpose.
To celebrate the end of the war, the Government issued Victory Bond policies and the Wesleyan & General bought Bonds amounting to £3/4 million.
1923
As a direct result of a visit by the General Manager to the United States to examine how life offices operated there, a scheme was introduced offering Ordinary Branch policyholders the chance of free periodical medical examinations plus the foundation of the unique Wesleyan & General Health Service Bureau.
This innovative approach earned the Society a reputation as a pioneer among British insurers.
1927
The commencement of Fire and Accident business (burglary, motor, personal accident etc.) meant that the Society could now offer its customers a complete range of insurance services.
1940
Following the outbreak of the Second World War in the previous year, the Chief Office basement and other buildings owned by the Society were converted into air raid shelters.
First aid HQ was established in the basement WC!
1944
The Society single-handedly challenged the taxation of Life Annuities, a situation regarded by many, including several respected insurance bodies, as being unfair.
This effort increased awareness of the injustice resulting in the Finance Bill of 1956 changing the law regarding tax on Life Annuities.
1952
Continuing its enlightened attitude to staff welfare, the Society introduced the Widows and Orphans Fund.
Under this scheme if an employee died while in the service of the W&G, provision was made for his or her spouse and dependants to receive an allowance from the Society.
1991
In the Society's 150th anniversary year a special limited edition Anniversary Bond was launched, offering customers a guaranteed return with no risks.
A few months later the first phase in a range of new-look General Branch policies was launched, providing much-improved cover a little or no extra cost.
A milestone was reached in this anniversary year with the Society's move to new high-tech premises at Colmore Circus, which was officially opened by HRH The Duke of Kent KG.
The occasion was marked by a VIP gala evening culminating in a special birthday concert by Sir Simon Rattle and the CBSO at Birmingham's Symphony Hall.
1993
Wesleyan Savings Bank is established. Originally created to provide a safe home for the proceeds of maturing investment policies.
2002
The merger with Medical Sickness enabled the Society to build a market-leading brand, which was strengthened by the acquisition of Professional Affinity Group Services (PAGS).
2003
A partnership agreement was signed with the National Association of Schoolmasters and Union of Women Teachers (NASUWT) to provide specialist financial services for its membership of over 200,000 teachers throughout the UK.
2005
The salesforce became multi-tied, offering value and choice to customers through both Wesleyan Assurance Society products and products provided by other suppliers.
2007
The Society launches into the legal market with Wesleyan for Lawyers, a holistic approach to financial planning for the legal profession.
A major refurbishment programme commences at the Society's head office building, creating a better, brighter environment for our customers and staff.
Up to £8 million is set aside to deliver a new Mutual Reward Scheme aimed at benefiting our members.
Wesleyan Savings Bank becomes Wesleyan Bank in recognition of how it has evolved to offer more then just savings and play a more central role in the Society's plans for the future.
Wesleyan beats off the competition to become the 'clear winner' of the IFS Financial Innovation Award for 'Most Effective Customer Segmentation Strategy'.
2008
Wesleyan Assurance Society was named Life Insurer of the Year at the prestigious British Insurance Awards 2008. Wesleyan fought off strong competition from bigger rivals: Legal and General and Scottish Widows, to win the coveted accolade. Craig Errington, Wesleyan’s Chief Executive accepted the award at a ceremony that took place at the Royal Albert Hall on 10 July 2008.
Looking to the future
As Wesleyan moves into new markets and we continue to build on our financial strength, our commitment remains to meet the financial needs of our chosen sectors and provide a market-leading customer experience.