Black Horse Limited is a motor finance company based in the United Kingdom. It was formed in July 2001, as a wholly owned subsidiary of Lloyds Banking Group , but its origins can be traced back to 1922.
20-554: The business should not be confused with Black Horse (originally Beehive and most recently Lloyds TSB) Life Assurance Company, whose interests were amalgamated into Scottish Widows in September 2004. Following the creation of Lloyds TSB Group in 1998, the businesses of Lloyds Bowmaker (formerly Lloyds and Scottish) and United Dominions Trust were combined into Lloyds UDT . In September 2000, Lloyds TSB acquired Chartered Trust, and, in June 2001,
40-550: A mutual office . In 1975, the company moved its head office from St James's Square, London to Bristol . 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. HBOS was bought by Lloyds TSB Group in January 2009. The resulting company, Lloyds Banking Group, announced in April 2009 that
60-617: 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
80-512: A small part of the company's business. They also set eligibility requirements; for example, those over fifty years old or those with a wife more than twenty years younger than himself could not apply. Scottish Widows granted just 10 policies to female customers in the first four years, as applications from women were rare at the time. One example is Catherine Drummond in 1818, who as an unmarried woman requested annuity of £50 (£5,000 in 2024) once turning sixty years old. Its most noteworthy leader
100-623: A widow, her children, and Ceres into the ornamentation of the company's building in 5 St Andrew Square. The emblem on the cover of the 1914 Scottish Widows annual report was designed by Walter Crane in 1888. It featured Perseus and Pegasus , a symbol of immortality. Scottish Widows was the Official Pensions and Investment Provider of the London 2012 Olympic and Paralympic Games. The company employs athletes Roger Black MBE and Sarah Storey OBE as their Olympic Ambassadors. Scottish Widows
120-516: A £660m deal. In 2015, Scottish Widows sold Clerical Medical's Isle of Man operations to international life assurance company RL360° . The Scottish Widow first appeared in a television advert directed by David Bailey in 1986. Since then, Scottish Widows has made 10 adverts featuring the Scottish Widow. Four models have portrayed the Scottish Widow, a hooded character featured in the company's advertising. The original Widow, chosen to portray
140-574: Is a life insurance and pensions company located in Edinburgh , Scotland, and is a subsidiary of Lloyds Banking Group . Its product range includes life assurance and pensions . The company has been providing financial services to the UK market since 1815. The company sells products through independent financial advisers, direct to customers and through Lloyds Banking Group bank branches. The investment and asset management arm ( Scottish Widows Investment Partnership )
160-556: Is briefly mentioned in Yuval Harari 's 2011 book Sapiens: A Brief History of Humankind . Harari confuses the present day company with an earlier fund set up half a century earlier by two ministers of the Church of Scotland on behalf of the widows of church ministers. Harari rightly credits the original fund as the first of its kind and describes the sequence of events accurately. The beneficiaries were, in that sense, Scottish widows. But there
180-472: Is no connection between the earlier fund, officially known as the Scottish Ministers' Widows Fund, and the present day Company. The original fund finally closed in 1993, its work done. Clerical Medical Clerical Medical is a British life assurance , pensions and investments company founded in 1824, and a subsidiary of Lloyds Banking Group . In 1824, Dr George Pinckard formed
200-492: The Clerical Medical brand would eventually be phased out in favour of its Scottish Widows subsidiary. In 2015, Lloyds Banking Group sold Clerical Medical International (CMI) to offshore life assurance company RL360° . 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
220-486: The Roman goddess Ceres (Plenty) holding a cornucopia and accompanied by cherubs . A tombstone is seen on her left and a widow kneels on her right with her daughters. This imagery represented the company's goal to support female dependants facing financial loss. The emblem was not only used as the company arms, but also in its policy documents. In 1832, Sir Johns Steell was inspired by the 1818 emblem to sculpture figures of
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#1733093457841240-616: The branch was transferred to a separate company in 1922, which was registered in England as the Continental Guaranty Corporation Ltd. In 1923, the company was acquired by British interests; in 1925, it converted to a public company and the name was changed to United Dominions Trust. Having been previously associated with Barclays Bank , in 1981, it became a subsidiary of the Trustee Savings Bank . Bowmaker Limited
260-643: The business of Chartered Trust was merged into the business of Lloyds UDT, and the enlarged operation rebadged under the Black Horse name, to form the asset finance division of Lloyds TSB. The origins of UDT go back to 1919, when the Continental Guaranty Corporation of New York established a branch in the City of London, which concentrated mainly on providing finance for the British motor trade. The business of
280-400: The company's brand values in the 'Looking Good' commercial in 1986, was Deborah Moore , daughter of actor Roger Moore . In 1994, Amanda Lamb took over the role. Hayley Hunt became the third Scottish Widow in 2005. In 2014, the company announced that the fourth Scottish Widow would be Amber Martinez. In 1818, Scottish Widows adopted an emblem created by William Home Lizars , which features
300-453: The company, but was eventually used to compensate guaranteed annuity rate options (GARs) holders. In April 2009, Lloyds Banking Group announced that the sales team of Clerical Medical would be merged into that of Scottish Widows, and the Clerical Medical brand would eventually be phased out. In November 2013, Lloyds Banking Group sold its asset management division, Scottish Widows Investment Partnership (SWIP) to Aberdeen Asset Management in
320-414: The whole of the share capital of The Hodge Group Limited not already owned by The Chartered Bank for £45 million. Sir Julian Hodge 's other interests were divested to The Carlyle Trust (a company he owned) in 1976, and the consumer finance operation was renamed Chartered Trust; in September 2000, it was sold by Standard Chartered to Lloyds TSB for £627 million. Scottish Widows Scottish Widows
340-404: Was Very Rev James Grant , who served as its director for 50 years (1840–1890). In 1999, Lloyds TSB agreed to buy the society for £7 billion. The society demutualised on 3 March 2000 as part of the acquisition. At the time of its takeover, Scottish Widows set up an "additional account" to hold £1.7 billion of the proceeds from the sale. This fund was to be used to enhance terminal bonuses across
360-672: Was also appointed. The company's first policy was issued to Richard Pinckard, a nephew of Dr George Pinckard. In 1855, the company moved its headquarters to Lichfield House in St James's Square , London. 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
380-687: Was formed in 1926 and acquired by Lloyds and Scottish in 1982. Lloyds and Scottish was formed in 1958, by the acquisition of the Scottish Midland Guarantee Trust and Olds Discount Company by Lloyds Bank and the National Commercial Bank of Scotland (itself part owned by Lloyds Bank). In 1981, Lloyds Bank increased its shareholding in Lloyds and Scottish, taking full control of minority shareholdings in 1984, to form Lloyds Bowmaker. In 1973, Standard and Chartered Banking Group acquired
400-809: Was sold in 2013 to Aberdeen Asset Management . In March 1812, a number of prominent Scotsmen gathered in the Royal Exchange Coffee Rooms in Edinburgh. They were there to discuss setting up 'a general fund for securing provisions to widows, sisters and other female relatives' of fundholders so that they would not be plunged into poverty on the death of the fundholder during and after the Napoleonic Wars . Scottish Widows' Fund and Life Assurance Society opened in 1815 as Scotland's first mutual life office. Regulations made in 1811 showed its focus on providing annuities for dependants, but this quickly became only
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