27 March 2007
AA Insurance Services Limited and Drakefield Insurance Services Limited
Drakefield Insurance Services Limited (DISL) which offers online travel insurance through Go Travel Insurance and 1 Stop Travel Insurance has become a subsidiary of AA Insurance Services Ltd, part of the AA.
Christian Young CEO of DISL and the other Directors retain shareholdings in the business, which is now controlled by AA Insurance.
Bob Morton will step down after two years as non-executive director of DISL.
Christian Young and the existing team take responsibility for managing all of the travel insurance brands of the combined business, including the AA Insurance book, playing a leading role in developing the market for each.
The enlarged business will be managed by Christian Young and his team at Basildon, but reporting to Kevin Sinclair, managing director of AA Insurance.
DISL was established in 1998 and owns a number of successful brands of which Go Travel Insurance is its principal marque. It also involved in wholesale and white label business, recently winning the contracts to arrange and administer travel insurance policies for Admiral, elephant.co.uk, Diamond and Bell. None of these relationships will be affected by the acquisition.
DISL’s Chief Executive, Christian Young said: “We are delighted to join forces with AA Insurance Services Ltd; it is a good strategic fit for both parties. This is a major step forward for DISL and reinforces our position as a premier league travel insurance specialist.
“We share with AA Insurance Services Ltd a commitment to high standards of customer service. DISL also respects the heritage and responsibility that goes with the AA brand. AA Insurance Services Ltd will benefit from DISL’s travel insurance expertise, marketing, customer focus and UK based claims handling and call centre which will compliment the existing business.”
Kevin Sinclair managing director of AA Insurance Services Ltd said “Drakefield is ideal because it offers a product range, business model and customer base that is largely complimentary to ours. It allows for wider customer choice and opportunities for both cross-selling and improved customer retention. We plan to invest in Drakefield and grow its business alongside the AA brand, thus significantly increasing our share of the travel insurance market.”
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For more information, please call Tim Ledeboer at MNC, on 020 7520 6989 or email tim@mnc.uk.com.