1980

• Garsan Limited is formed on 24 June 1980, Donald Gordon’s 50th birthday, with an initial share capital of £10,000.
• Funded entirely by UK bank borrowings, a £20 million investment is made to acquire 14 per cent of Sun Life, a UK listed life insurer.

1981

• Garsan changes its name to TransAtlantic Insurance Holdings Limited. The Sun Life interest is increased to 21 per cent, funded by bank borrowings now increased to £30 million.

1982

• A 29 per cent interest is acquired in Capital & Counties by way of a share issue while the Sun Life interest is increased to 24 per cent and now shows a revaluation surplus of £23 million on a £37 million investment.
• Shareholders’ funds jump to £78 million – the platform has been rapidly established.

1983

• Further capital of £32 million is raised by the issue of 21.5 million shares at 150p per share. Lincoln National, a life insurer from Fort Wayne, Indiana, USA, briefly appears on the scene as a 25 per cent shareholder.
• Shareholders’ funds jump again to £145 million and a maiden dividend of 2.8p per share is declared.

1984

• Lincoln National departs from the scene as Liberty Life acquires their interest, restoring its shareholding to 75 per cent.
• Further strong capital appreciation, particularly from the 25 per cent Sun Life interest, increases shareholders’ funds to £184 million.

1985

• From investor to operator – TransAtlantic makes a public offer and acquires a controlling stake in Capital & Counties which remains a listed company.
• Total assets more than double to £461 million while total shareholders’ funds including minority interests increase by 79 per cent to £331 million.

1986

• Profit before taxation more than doubles to £24.4 million and, after further capital raising, shareholders’ funds increase to £519 million.
• Relations with Sun Life plummet as TransAtlantic votes down a Sun Life shareholders’ resolution.

1987

• TransAtlantic lists on the Luxembourg Stock Exchange as London refuses a listing because Capital & Counties is also listed.
• The overall group’s shareholders’ funds reach £751 million following a major capital raising exercise by Capital & Counties to finance its development programme.

1988

• The Lakeside, Thurrock, site is acquired for £64 million and construction starts.
• The Sun Life impasse breaks as an attempted Sun Life alliance with a French group, UAP, is decisively rejected by shareholders and two TransAtlantic representatives join the Sun Life Board.

1989

• UK base rates jump from 7.5 per cent in 1988 to 15 per cent in 1989.
• An accord is signed with UAP which had acquired by way of on-market purchases a 25 per cent interest in Sun Life approaching TransAtlantic’s 29 per cent.
• The value of the Sun Life investment jumps from £151 million to £221 million while the property revaluations are more modest.