The Sun.
London, England, 1845-04-16 00:00:00

BRITANNIA LIFE ASSURANCE COM-
PANY, 1, Princes•street, Bank, and 448, West Strand, Lon-
don, March 1, 1845.
Notice is hereby given, that in pursuance of a resolution passed
unanimously at two successive General Meetings of Proprietors, a
MUTUAL ASSURANCE BRANCH of this Institution has been
established on terms peculiarly advantageous to the Assured, and
that such Branch is supported by the entire subscribed capital of the
Company, together with the accumulated fund of Premiums derived
from upwards of Six Thousand Policies, already effected in the Pro-
prietary Branch.
Full particulars are stated in the Prospectus, which, with every re-
quisite information, may be obtained on application at the office.
PETER MORRISON, Managing Director.

To the PROPRIETORS of the BRITANNIA LIFE ASSURANCE
COMPANY.
GENTLEMEN,—In calling your attention to the annexed Notice of
the establishment of a Mutual Assurance Branch, I beg leave to
address a few observations to you relative to the past transactions,
and the probable result of the proposed extension of the operations of
the Company.
That the " Britannia" Company has enjoyed the decided and (I
trust I may be permitted to say) deserved approbation of the public,
is clearly proved by the unprecedented fact of upwards of 6,000
policies having been issued in the short space of eight years. In
order, however, to show the high degree of credit and influence pos-
sessed by the Company, it is only necessary for me to state, that two
highly respectable and well-established Life Assurance Companies
have successively transferred their business to this establishment.
The former of these transfers took place in the year 1840 ; the
latter in the course of the past year.
It is in consequence of this last-mentioned transfer, which included
a large number of Policies effected on the mutual assurance plan, and
also in consequence of the numerous applications for Assurances on
this plan, which they have hitherto been compelled to decline, that
the Directors at length determined on the establishment of a Mutual
Assurance Branch, on the plan set forth in the Prospectus, after it
had been submitted to, and unanimously approved by, two succes-
sive General Meetings of Proprietors, specially convened on the
occasion.
The general objection to Mutual Assurance Societies, that (in their
infancy, at least) they do not afford that complete security to the
Assured which is supplied by the subscribed capital of Proprietary
Establishments, is completely, removed in the Mutual Branch of the
" Britannia" Company ; for not only are the Mutual Policy-holders
protected by the entire subscribed capital of the Proprietary Branch,
but the large and continually-increasing fund, accumulated from the
Premiums on 6,000 Policies already effected in that Branch, consti-
tutes an immediately available fund for the payment of the claims of
the Assured, who will thus enjoy all the security afforded by an old
established office, and, at the same time, become entitled to all the
benefits to be derived from that system of Mutual Assurance which
experience has proved to be at the same time the safest and the best.
Another serious objection to the Mutual Assurance Plan (as gene-
rally acted on) is the high rate of premium required to be paid, in
the flat instance, In order to form a fund—not only for the payment
of the claims, but also for the distribution of large bonuses among the
policy-holders. This objection also is entirely removed by means of
the half credit system detailed in the prospectus. For, by allowing
half the amount of the first five annual premiums to remain for five
years in the hands of the person assured, and applying the bonus (to
which he would otherwise become entitled) to the gradual liquida-
tion of the debt thus incurred with the Company, the policy-holder
enjoys the rare advantage of a very low rate of premium, in the first
instance, combined with that of a full participation, eventually, in
the profits.
In availing myself of this opportunity of congratulating my co-
shareholders on the extraordinary success which hitherto has at-
tended the operations of the Britannia Life Assurance Company,
trust I shall, at no very distant period, have still thither to congratu-
late them on the complete success of the Mutual Assurance Branch,
which, after the most anxious care and attention, has been founded
on a plan calculated, in every possible way, t• benefit and accommo-
date the public.
I cannot, in justice to the Directors, conclude this address without
calling your attention to the able and cordial co-operation which has
been afforded to me on their part, not only on the present important
occasion, but also in every other instance in which their advice and
assistance have been needful for promoting the interests of the Insti-
tution. I have the honour to be, Gentlemen,
Your most obedient servant,
PETER MORRISON, Managing Director.
Britannia Life Office, 1, Princes-street, Bank,
London, 20th March, 1845.

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