AA Insurance was launched on the 15th of August 1994 as a joint venture between GIO Australia and the New Zealand Automobile Association. The goal of AA Insurance was to provide AA Members with a range of insurance products tailored to specifically meet their needs. In 2002, a new joint venture partner, Royal & Sun Alliance Insurance (New Zealand) Limited, acquired a 68% shareholding in AA Insurance Limited. In 2003 Royal & Sun Alliance altered its organisational structure and listed on the New Zealand stock exchange as Promina. Royal Sun Alliance (New Zealand Limited) re-branded under the name Vero Insurance (New Zealand) Limited and is an integral part of the Promina family, which is New Zealand's largest composite insurance Group.