William Assheton


William Assheton was an English cleric, a prolific writer and life assurance pioneer.

Early life

Assheton was born at Middleton, Lancashire, in the year 1641. His father, who was rector of the parish, was one of the ancient knightly family of the place. After a preliminary education at a private country school he entered Brasenose 3 July 1658, where he is said by Anthony Wood to have had a presbyterian tutor, and to have been an attendant at the religious meetings held at the house of Elizabeth Hampton, a laundress. He gained a fellowship of his college in 1663, when he was B.A.

Clerical life

Having entered holy orders and taken his master's degree, he became a frequent preacher. James Butler, 1st Duke of Ormonde, who was chancellor of the university, appointed him chaplain, and in that capacity he served both in England and Ireland. He gained the degree of D.D. in 1673; next month he had the prebend of Knaresborough in the church of York. The interest of his patron procured him the livings of St. Antholin's, London, and Beckenham, Kent, where he settled in 1676.

Later life

A few years before his death he was asked to become master of his college, but was too infirm to accept. He died at Beckenham in September 1711, and was buried in the chancel of that church.

Writings

Assheton was more a compiler than an original writer. He was a man of learning, 'readily subscribed to the publishing all critical, learned, and laborious works,' and had a good library, the duplicates from which he gave for the use of ministers in Wales and in the highlands of Scotland. He dealt easily with his parishioners on the sore point of tithes, preached regularly, kept hospitality, and, though trying to live peaceably, was not afraid to rebuke those whose conduct seemed to deserve it. It is noted as a sign of his moderation that he did not set up a coach until the ill-health of his wife required it. At one time he preached extemporaneously, but afterwards resorted to written discourses, because on one occasion a woman swooned in his congregation, and the commotion so upset the good man that he was unable to recover the thread of his thoughts.

Insurance fund

Assheton's scheme for providing annuities for the 'widows of the clergy and others' was the earliest attempt in England on a large scale in the direction of modern life insurance. His plan was offered unsuccessfully to the Corporation of the Sons of the Clergy, and to the Bank of England, but was eventually adopted by the Mercers' Company in 1698. Its failure was due to poor knowledge of vital statistics. Something like a scale was formed. Married men under thirty were allowed to subscribe just £100; under forty they might not subscribe more than £500; under sixty they were limited to £300.
John Francis wrote:
'When this was commenced, it was considered a very notable plan. It was thought that it would prove a good business speculation; and on considerable sums being subscribed the corporation rejoiced greatly. It was soon discovered, however, that the undertaking was founded on a mistake; so the first breach of faith was in lowering the annuity. This proved insufficient, and the company became unable to meet their engagements. They had fixed payments to their annuitants at the rate of thirty per cent., and now they saw their funds almost annihilated by the error.
At last they stopped payment altogether; but the distress was so acute that, recollecting one or two forced loans they had made to the monarchs of England in the troublous times of old, they petitioned parliament in 1747 for assistance. At Michaelmas 1745 they found themselves indebted to the said charities and their other creditors 100,000l.; they were liable for present annuities to the extent of 7,620l.; for annuities in expectancy, 1,000l. a year; the whole of their income being 4,100l.'

The parliamentary aid amounted, according to Richard Price in his Observations on Reversionary Payments, to £3,000 per annum, and they were then able to meet their engagements.