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AA Insurance buys Drakefield Insurance Services
Monday, 26th March 2007
Contracts have been exchanged for purchase by AA Insurance Services Limited of Drakefield Insurance Services Limited, which offers travel insurance online through the Go Travel Insurance and 1 Stop Travel Insurance brands.
Drakefield is an independent travel and cargo insurance intermediary which was formed in 1998. It has developed a successful online travel insurance business backed by a call centre at Basildon. With around 360,000 policies in force it is a leading travel insurance brand offering annual and single trip cover. The combined travel insurance business will have a gross written premium of about £15 million.
The deal was signed by Kevin Sinclair, managing director of AA Insurance and Christian Young, chief executive officer of Drakefield, who will continue to run the business, reporting to Kevin Sinclair. The management structure at Drakefield remains, with Michael Barry (finance and operations director), Andy Taylor (underwriting and product development director) and John Moss (IT director) all retaining a financial interest in the business.
Says Kevin Sinclair: "The travel insurance market
is developing quickly and this purchase provides an opportunity for AA Insurance to significantly grow its own trusted brand in this sector. In addition we recognise that Go Travel Insurance has become one of the leading travel insurance brands, especially amongst younger customers and we have no plans to change that.
"We also firmly believe that insurance intermediaries have a vital part to play in the future of the travel insurance market. AA Insurance is successfully growing its business by becoming more competitive and responsive to customer needs. But for us to maintain our leading position we need to find other ways to growing.
"Drakefield is ideal because it offers a product range, business model and customer base that is complimentary to ours. It allows for wider customer choice and opportunities for both cross-selling and improved customer retention.
AA Insurance plans to invest in Drakefield to grow its business alongside the AA brand, thus significantly increasing our share of the market. Drakefield will also manage the AA travel insurance portfolio. Adds Kevin Sinclair: "Drakefield reflects our own business ethos and we regard their staff to be critical to the success of our investment."
Drakefield was acquired in 2004 by Christian Young who quickly steered the business towards its successful Go Travel Insurance online brand with a reputation for offering a flexible range of products and value for money. Drakefield also offers an online cargo insurance product branded Go Cargo Insurance and has developed affinities with other brands.
The business employs 50 staff at Basildon in Essex.
Source: http://www.easier.com/view/News/Business/article-106499.html |
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