Queen Victoria established the Albert Medal in 1866 for gallantry in saving life. It was the highest civilian award for bravery, in many ways it was the civilian equivalent of the Victoria Cross. It was also awarded to soldiers for gallantry in saving life. The following information was sourced from Encyclopaedia Britannica (Thanks to James F. O'Sullivan)
The Albert Medals.
Instituted by Queen Victoria in 1866, so named to commemorate Prince Albert, Queen Victoria's Consort, who died December 14th 1861. Established in 1866 as life-saving medals, came in four variations, going through rules changes in 1877, 1905 and 1917.
The Albert Medal in Gold, hung from a blue ribbon with four narrow white stripes, was a 'first class' award for 'extreme or heroic daring' in saving life at sea.
A 'second class' variation, named simply The Albert Medal, had its bronze medallion hung from a blue ribbon with two broad white stripes, was for saving life at sea that didn't quite qualify as 'extreme or heroic daring.'
Two "land" variations were also created for saving life on land. The land versions followed the same criteria as above but had a ribbon of red and white stripes. As a life-saving medal, this was not limited to war-time awards or combat action, but Albert Medals were awarded during the war.
The Awards were discontinued in 1971, with the George Cross taking its place.