Auto insurer AA Insurance Services has signed an agreement to acquire the independent travel and cargo insurance intermediary Drakefield Insurance Services.
<p>Drakefield offers travel insurance online through the Go Travel Insurance and 1 Stop Travel Insurance brands. The group has a profile of approximately 360,000 policies in force. The combined travel insurance business will have a gross written premium of about GBP15 million. <br /><br />The deal was signed by Kevin Sinclair, managing director of AA Insurance, and Christian Young, CEO of Drakefield. The management structure at Drakefield will remain unchanged. <br /><br />Kevin Sinclair commented: 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 recognize 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.<br /><br />The purchase will significantly increase AA Insurance's market share. The motor insurer plans to invest in Drakefield to grow its business alongside the AA brand. Drakefield will also manage the AA travel insurance portfolio.</p>