AA Insurance buys Taylor Price
International law firm Eversheds has advised AA Insurance Services Limited on its acquisition of Taylor Price & Co, which trades as Direct Choice Insurance. No sum for the deal is being disclosed. International law firm Eversheds has advised AA Insurance Services Limited on its acquisition of Taylor Price & Co, which trades as Direct Choice Insurance. No sum for the deal is being disclosed.
Based at Newmarket, Suffolk with an additional call centre at Ipswich, Direct Choice is an independent insurance intermediary which, when formed 30 years ago, was among the first of a new breed of direct response brokers in the general insurance market.
Today, it has over 200,000 customers and a turnover of about £18 million.
Direct Choice was formed in 1974 as Taylor Price & Co and was among the first direct response intermediaries. It has built its reputation largely as a car insurance broker and has developed a number of niche markets within this field. It also offers van, motorcycle and home insurance and is an introducer for travel and life insurance and for financial services products such as mortgages and loans.
The Eversheds team was led by corporate partner Keri Rees, assisted by associates Liz Kitchin and Andy Mountford.
Rees said: “The Eversheds and AA teams worked to a tight timeframe and delivered a user-friendly process to two very entrepreneurial vendors who had been very successful in building up their business.”
Kevin Sinclair, MD of AA Insurance, added: “We firmly believe that insurance intermediaries have a vital part to play in the future of the insurance market. Direct Choice is ideal because it offers a different 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.”
Mark Borsey, in-house counsel at AA, advised on regulatory matters.