AA buys key insurance business Keycare

Keycare, which offers insurance policies for lost and stolen keys across the UK and Ireland, has been acquired by the AA following approval from the Financial Conduct Authority (FCA).

The breakdown and recovery company has been a customer of Keycare for several years and has acquired the business to expand its product base.

Keycare will now become part of the AA Group alongside DriveTech and Prestige Fleet Servicing, with the aim of enhancing its B2B proposition.

Jakob Pfaudler, CEO of the AA, said: “I am delighted that the AA has acquired Keycare as it will help create confidence for drivers now and in the future.

“The acquisition is in line with our strategy to offer world class customer service as well as diversifying our portfolio of products for our customers.

"We keep the customer at the heart of everything we do, and this is a key part of our strategy.” 

Steve Wainwright, chief executive of Keycare, said he was excited to be joining the AA Group and beginning a new chapter in the history of the business.

“Both the AA and Keycare have market leading positions and strong complementary brands and our organisations have a shared ethos which puts the customer at the centre of everything we do,” he added.

“I believe that this is a great opportunity to develop the Keycare business further as part of the larger AA group.”

The AA was supported on the transaction by Shoosmiths and Buzzacott Corporate Finance.