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Roadside recovery firm AA starts insurance underwriting business
[LONDON] Roadside recovery firm AA said on Thursday it had started underwriting insurance, adding to its existing insurance broking business.
AA, which currently acts as a broker for general insurance policies such as motor, home and travel, said it expected to underwrite 250,000 policies "over the next few years, subject to profitability", it said, with the focus on car insurance.
"Our primary target audience is AA members who have not previously had an insurance relationship with the business," Craig Staniland, director of AA Underwriting Insurance Company Limited, said in a statement.
Car insurance premiums rose last year after several years of weakness, surveys have shown.
AA said it sold its first policy on Jan 30 to a schoolteacher in Sheffield in the north of England who was an existing member of AA's recovery service.
Trading is in line with expectations as it enters the closed period ahead of results for the financial year ended Jan. 31 2016, AA said in a separate statement.