The Alliance Assurance Company was first recorded in the South Australian Directory in 1856 as the Alliance Fire and Life Assurance. After World War I, there was a small boom in the financial world. In 1920 there were only 14 active companies in life assurance in Australia, but in the next seven years 23 new companies appeared. During this time when financial institutions prospered and expressed their wealth in bricks and mortar, companies such as the Alliance Assurance Company, the T & G, and the Executor Trustee and Agency Company commissioned purpose-built premises.
The architects were J.A. Kethel of Sydney, and Charles W. Rutt and G. Gavin Lawson, who also designed the Alliance Assurance Company offices and Burnside Town Hall. The reinforced concrete, stone and brick office was completed in 1927 by J. King and Son of Hindmarsh.
The building is currently used as offices and businesses operate from the ground floor.