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 Alliance AssuranceUK based Alliance Assurance office is established in Australia, writing one of the country's first ever life assurance policies
1838 Derwent & Tamar InsuranceDerwent & Tamar Insurance is established in Tasmania as Australia's first insurance company.
1848 Royal InsuranceRoyal Insurance opens its first agency in Adelaide, followed by Melbourne (1849), and Sydney (1850).
1865 London AssuranceLondon 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 AllianceSun 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 Alliance London AssuranceSun Alliance merges with London Assurance.
1979 The Prudential Cornhill Insurance Company of Australia Limited is incorporated in NSW.
1985 Sun Alliance GroupSunAlliance acquires the Phoenix Group (Century, Prudential and Cornhill).
1986 Australian Alliance InsuranceAustralian Alliance Insurance is established as a separate company to service the insurance needs of older Australians through its brand Australian Pensioners Insurance Agency.
1992 Sun Alliance & Royal InsuranceRoyal 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.
2003

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.

vero
2004 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.
2006

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.
2008 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.