Who is AAI Limited?
With origins dating back to 1833, AAI Limited is a licensed general insurer regulated by both APRA (the Australian Prudential Regulatory Authority) and ASIC (the Australian Securities and Investments Commission), and underwriter for all General Insurance products within the Suncorp Group in Australia.
AAI Limited has an A+ Standard & Poors credit rating and is a member of the Suncorp Group. Suncorp Group Limited is one of Australia’s top 25 ASX listed companies.
|1833||UK based Alliance Assurance office is established in Australia, writing one of the country's first ever life assurance policies|
|1838||Derwent & Tamar Insurance is established in Tasmania as Australia's first insurance company.|
|1848||Royal Insurance opens its first agency in Adelaide, followed by Melbourne (1849), and Sydney (1850).|
London Assurance opens with simultaneous appointments of agents in Sydney, Melbourne, Adelaide, Hobart and Launceston.
The Sun Insurance Office commences operations as an agency in Melbourne.
|1959||Sun Alliance Insurance formed from the merger of Sun Insurance with Alliance Assurance.|
|1961||Royal Insurance acquires the merged London & Lancashire and Derwent & Tamar Group bringing into the Group Australia's oldest insurance company.|
|1965||Sun Alliance merges with London Assurance.|
|1979||The Prudential Cornhill Insurance Company of Australia Limited is incorporated in NSW.|
|1985||SunAlliance acquires the Phoenix Group (Century, Prudential and Cornhill).|
|1986||Australian Alliance Insurance is established as a separate company to service the insurance needs of older Australians through its brand Australian Pensioners Insurance Agency.|
|1992||Royal Insurance & Sun Alliance Insurance merge in Australia.|
|1994||The general insurance business of Royal Insurance is purchased in New Zealand. This included the SIS brand and a 50% share in International Marine.|
|1995||General insurance portfolio of Commercial Union acquired. The deal includes the balance of shares in International Marine.|
|1997||The group purchases Connelly Temple in Australia.|
Royal & SunAlliance announces a new organisational structure in Australia and New Zealand and changes its name to Promina. The general insurance business changes its name to Vero.
Purchase of Aviation Office of Australia.
Purchase of Booker Aviation.
Vero achieves A+ Standard & Poor's credit rating.
|2005||Agreement for the exclusive renewal rights of Suncorp's intermediated commercial marine business.|
Acquisition of 50.5% of the shares in Australian Surety Corporation Pty Limited (ASC) and its wholly owned subsidiary New Zealand Surety Corporation Limited (trading as AP Surety).
Launch of new Vero Affinity business unit.
Purchase of Australian Pacific Underwriting Agency (APUA) Pty Limited a specialist professional indemnity underwriting business.
Winning the Bronze Award and the People Award at the 2006 Australian Business Excellence Awards.
|2007||Promina Group and Suncorp Group join in what becomes one of the largest financial services mergers in Australia.|
Suncorp announces that the GIO brand will represent their Workers Compensation portfolio.
Vero is confirmed as Suncorp’s primary intermediated insurance brand.
|2012||Vero Insurance Limited changes its company name to AAI Limited, but the company’s ABN 48 005 297 807 and AFSL No. 230859 remain the same. AAI Limited continues to trade under the name ‘Vero Insurance’ and ‘Vero Enterprise’.|
|2013||On 1 July, AAI Limited became the single underwriter for all General Insurance products within the Suncorp Group in Australia.|