AA Insurance is to boost its position in the travel insurance market following the acquisition of Drakefield Insurance Services.
The deal is expected to increase the broker's gross written premium (GWP) from £5m to £15m, with policyholder numbers set to quadruple.
Drakefield, the company behind online travel providers Go Travel Insurance and 1 Stop Travel, currently has around 360,000 online travel insurance policies.
Kevin Sinclair, managing director of AA Insurance, said: "The travel insurance market is developing quickly and this purchase provides an opportunity for AA Insurance to significantly grow its own trusted brand in this sector.
"Drakefield is ideal because it offers a product range, business model and customer base that is complementary to ours.
"It allows for wider customer choice and opportunities for both cross-selling and improved customer retention."
Drakefield, which will take over the management of the AA travel insurance portfolio, will continue to trade as a separate brand.
It will also remain under the existing management with Christian Young as chief executive.
No one from Polaris was available to comment.
