Draft:The Standard Life Assurance Company in the West Indies (1846-1971)

The West Indies were one of the first places that Colonial Life expanded to include –the successful acquisition of the Commercial Life Assurance Company by Standard Life in 1846 afforded Colonial Life an existing connection to the West Indies, which proved to be invaluable.[1]

From the outset, Archibald Stevenson, originally from Commercial Life, was appointed agent in Trinidad.[2] Original shareholders included: Matthew Davis, Public Treasurer of Granada; William Rennie, manager of the Colonial Bank of Trinidad; Hon Charles William Warner, Barrister at Law and leading political figure in Trinidad.[3]  In line with Colonial Life's established rates tables, the West Indies were given Class ‘D’ rates.[4]

Following the merger of Standard Life and Colonial life in 1866, the West Indies branch provided the ideal stepping stone to increase business into Central and South America. Following a visit by Spencer Campbell Thomson in 1888 the region was centralised under Thomas Atkins in Barbados, with agencies and local boards added in both Mexico City and Montevideo.[5]

Business over the turn of the century remained steady, and by 1905 the West Indies business held 4 per cent of the distribution of new sums assured.[6] As there were limited foreign life offices in the West Indies at the time, by 1821 the West Indies branch was prospering, with a premium income of almost £26,000 that year.[7] In keeping with its prosperity, the branch was reorganised in 1924, and the head office was moved from Barbados to Trinidad, where there was an economic boom due to exploitation of oil and asphalt. At the same time, a local board was established in Trinidad, and rates tables were revised. Unfortunately, the anticipated success of business did not come to be, and in 1929 F.D. Gray, secretary, resigned.[8] He was replaced by Edward Alexander (Eric) Cook, who, alongside agents in Jamaica and Trinidad, led the branch to record returns through the 1930s.[9] Staff pensions schemes took hold in 1932, with the first staff scheme put in place for 600 civil servants of the government of Trinidad.[9]

Despite worldwide disruption to business during the Second World War, the West Indies branch outperformed other overseas business, producing over £500,000 of new sums assured in 1944.[10] Upon Cook's retirement in 1944, he was succeeded by John Hamilton, who had previous experience with Standard Life's overseas business in India.[11]

Under Hamilton's leadership the branch continued to excel, with new sums assured doubling between 1945–1951, to reach a total of £1 million.[12] During this time, direct selling practices were implemented during a visit from Edinburgh manager Andrew Rutherford Davidson in 1946, which proved prosperous.[13] Under Hamilton's leadership the branch continued to prosper through both ordinary business and pensions, although the branch was largely focused on term insurance linked to mortgages.[14]

In response to changes in the union of the Federation of the West Indies (1958), the West Indies branch divided in half in 1961, with one office covering Trinidad and Tobago, and the other covering Jamaica and the Bahamas.[15]