AA Insurance has bought insurance broker Drakefield Insurance Services Limited taking the combined business to 360,000 policies.
Drakefield was formed in 1998 and trades under the Go Travel Insurance and 1 Stop Travel Insurance brands. It employs 50 people at its Basildon offices and call centre.
The deal was signed by Kevin Sinclair, managing director of AA Insurance and Christian Young, chief executive officer of Drakefield. Christian Young will continue to run the business, joining the management team and reporting to Sinclair.
“The travel insurance market is developing quickly and this purchase provides an exciting opportunity for AA Insurance to significantly expand its own trusted brand in this sector,” Sinclair said.
He added that AA Insurance has no plans to make significant changes to Drakefield’s operation or to integrate staff into the wider AA business.
“The AA and Go Travel Insurance brands are complimentary to one another and we will invest in both. Our aim is to become a leading provider of travel insurance,” Sinclair added.
“Drakefield reflects our own business ethos and we regard their staff to be critical to the success of our investment. The company continues to be based at Basildon, Essex.”