AA and PGC to provide AA Members with more

AA and PGC to provide AA Members with more insurance products

The AA has announced that from 1 April 2010 it will be expanding its insurance offering to AA Members and New Zealand motorists to include mechanical breakdown, lifestyle protection and guaranteed asset protection insurance products.

These products will be offered through MARAC Insurance Limited (MARAC Insurance) following the AA’s purchase of a 50% stake in the established insurer from its owner Pyne Gould Corporation Limited (PGC). This joint venture extends a partnership that began last year with the introduction of AA Car Loans provided through PGC subsidiary MARAC Finance Limited (MARAC).

Brian Gibbons, AA Chief Executive, says “the new business venture with PGC is great news and further enhances the value of being an AA Member.”

“These insurance products are backed by MARAC Insurance, a company trusted by New Zealanders. We believe there will be strong demand for them and it’s our goal to develop additional finance and insurance products and services in the future. The next of these initiatives is likely to be providing business finance given that 20% of AA’s members own SMEs (Small to Medium Enterprises).”

Chris Flood, MARAC’s General Manager Consumer, says “last year the AA and MARAC established a partnership based on a shared heritage of being New Zealand owned, and a mutual commitment to providing first rate services to local businesses and individuals.”

“AA Members have enjoyed very competitive finance products since the partnership began, and by working together, our two organisations have identified new opportunities to further expand the benefits of AA membership.”

For more information on these new services, AA Members and motorists can visit www.aa.co.nz or call 0800 500 444.

ENDS

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