The National Register.
London, England, 1822-03-25 00:00:00

'THE NATIONAL REGIBTER

INSURANCE SOCIETIES.

So many new Societies fur Insurances have lately
started up—the professions of all are so enticing—the pre•
tenuous of seine are so delaeive— while at the same time
stability and honour in these institution' are so essential to
the peace of families, who commit their.protection to them,
that great caution is how more than ever necessary in the
selection of an insurance office. About half neralarY 'Once
there was a similar rage for insurance and annuity schemes.
Dr. Pi ice said of their projectors, " They believe that the
schemes they are supporting will last their time, nod that
they a ill be gainers, and as to the injury that may he dune
to their successors or to othcre—ii is at a distance and they
care little about it.' In the event they all failed, mid front
the race which the projectors of the new societies are running,
in the reduction of rates, these is every reason to expect that
a similar result will befal many of the societies of the present
day. Of this the members of several have become so well
convinced, after a few yews eaperience, that they have
broken up, and joined more thriving binlies. The Nleinhers
of the Birmingham Life Office dissolved their concern, and
paid upward. of 20,0U01. in one sum, to be admitted into the
Ptio•nntrur Life Office. The London Commercial Life
Office also dissolved and paid another large sum to iOiti the
PnoviinZ NT Life tylice. These-Companies were respectably
conducted, and the managers failing to procure a still's leitcy
iif business upon adeanate premiums, preferred n dissolution
of the societies to driving st trade upon losing terms, to pro-
tract their individual advantage as officers. The Philanthropic
Annuity Office adopted a different course, and struggled upon
inadequate premiums, amid difficulties and litigations, until
it terminated in insolvency, and complete r xhaustiltu. The
National Union has finished its career in n shorter pencil!, ill
the slime way ; and its parent, the Norwich Union fur mutual
insurance, after having blazoned forth its pruiliAious wealth
in every nook rind corner of the empire, is obliged to give up
the ghost, with the confession us exhibited before the Lord
Chancellor, " Tacit INSTEAD OF naisc IN A FLOCIIISII-
ING CONDITION, it (the Norwich Union) WAS REDUCED TO
• STATE OF Cln cat. DISCREStI. involving the Directors in
considerable peril, as the y were primarily liable on the policies,
and mould have be seek contributions from the members at large,
that several heavy losses, and some unfortunate differences, laud
induced the Directors to determine their responsibility, by re-
fusing to continue the policies."
'f he bursting of this bubble was long ago foretold, and its
event proves the little credit that is dime to asseverations in
advertisements. The managers of the departed Non w ten
UNION are now setting up a new company, under the old
name, and contending in Chancery with the members fur the
fragments of the old society. Their new concern is merely
b.d imitation of the plan of the Con NTS( FIRE OFFICE,
railway the sal ject of their celibate, now of their rinse, as
being "au improve's:rue' of the mutual insurant c pi iiiciple.
1116.10 C tEC4ll,eVations and bankruptcies among
psi ties who were Il ght to be trustworthy and affluent,
the public a ill at length see the necessity of being,
cautious, and of enquiring strictly iota, the characters and
conduct oft muse alto offer t hem their protection, before they
c 111111 l tit their interests to Lands which have proved unfaith-
ful, ur winch 'MUM untried. I am, Sir,
A Plf U IJEN T MAN