Insurer Hagerty 'shifts up a gear' with Bennetts deal

A vehicle insurance firm is poised to expand with a £34 million takeover.

Hagerty has agreed a deal to buy Bennetts.

The US, Canada and UK-based operator says the move for the London-headquartered motorcycle insurance broker will triple Hagerty’s UK revenue to about £25 million and bring a 15 per cent share of the British two-wheel insurance market.

The deal – which will see Lucida Group offload former British Superbike Championship headline sponsor Bennetts – is expected to complete later this year.

Mark Roper, Hagerty’s UK managing director, said: “Bennetts has built something special — a brand riders trust, a community they love and a business with momentum.

“Our commitment is simple: keep what makes Bennetts great and bring the best of Hagerty alongside it.”

McKeel Hagerty, chief executive and chair of Hagerty, whose insurance portfolio covers classic cars, collector vehicles, trucks, motorcycles and boats, added: “Bennetts is a brand built the same way Hagerty was built – by genuine enthusiasts for genuine enthusiasts.

“Its 100,000 community members, decades of trust and disciplined, low-frequency book make this a natural extension of everything we stand for as we look to seed our international growth in a deliberate way.”

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