The former Irish business of motor insurance giant AA plc has expanded into a new market by teaming up with another heavyweight industry player.
AA Ireland, which was sold by the London-listed firm in July, is moving into the life insurance market in partnership with Aviva
, the Irish Times
According to the report, AA Ireland had previously said it wanted to get into the life insurance market.
“The AA has always been about trying new things so this is a highly significant opportunity for us to work in partnership with Aviva
… to develop and launch new propositions to meet the changing needs of the Irish market,” AA Ireland commercial director John Farrell was quoted as saying in the report.
Farrell said Aviva
is already a key partner on the company’s motor insurance panel.
In August, Carlyle Cardinal Ireland Fund and Carlyle Global Financial Services Partners completed the acquisition of AA Ireland for €156.6 million, which will be used by AA plc for partial debt repayment.
As of January 31, the Irish business had generated pre-tax profits of €12 million and had gross assets of €163 million, according to AA plc.
Despite the sale to a new owner, AA Ireland will still continue to use the AA brand. The Irish firm currently employs more than 400 people across the country.
AA agrees to sell Irish business for £130 million
AA explores options for Irish insurance business sale as it looks to expand offerings