Hagerty Agrees to Acquire Bennetts to Become #2 Specialty Motorcycle Insurance Broker in the United Kingdom

Hagerty, Inc. has announced a definitive agreement to acquire Bennetts, the United Kingdom's second-largest specialty motorcycle insurance broker, from Lucida Group for £34 million (approximately $43 million USD). The transaction, which is expected to close in the third quarter of 2026 pending regulatory approval, will significantly enhance Hagerty's presence in the UK insurance market. This acquisition is anticipated to be immediately accretive to Hagerty's financial performance.

Founded in 1930, Bennetts has established a strong foothold in the UK motorcycle insurance sector, commanding a 15% market share. The company is known for its member-centric approach, boasting a 65 Net Promoter Score, and has built a community of over 100,000 members through its 'Bike Social' platform. This aligns closely with Hagerty's own model, which focuses on engaging driving enthusiasts. The acquisition will triple Hagerty's UK revenue to approximately £25 million, positioning the company as a formidable player in the motorcycle insurance space.

The strategic rationale behind this acquisition centers on enhancing Hagerty's international scale and leveraging Bennetts' existing brand equity within the motorcycle community. Hagerty's CEO, McKeel Hagerty, emphasized that Bennetts is built on the same principles that define Hagerty's success, thereby creating a natural synergy between the two companies. The integration of Bennetts into Hagerty's operations is expected to create a more comprehensive platform for enthusiasts, combining specialty insurance with live and digital auctions and community engagement initiatives.

This transaction also reflects broader trends within the insurance sector, where companies are increasingly seeking to expand their market share through strategic acquisitions. As consumer preferences shift towards specialized and community-driven services, firms like Hagerty are recognizing the value of acquiring established brands that resonate with their target demographics. The acquisition of Bennetts not only enhances Hagerty's product offerings but also provides valuable cross-selling opportunities between motorcycle and car insurance, capitalizing on the shared interests of their customer base.

Overall, the acquisition of Bennetts by Hagerty is indicative of a growing trend in the insurance industry where companies are pursuing strategic growth through targeted acquisitions. As the market evolves, the ability to integrate and enhance existing brands will be crucial for firms looking to maintain competitive advantages. The successful integration of Bennetts into Hagerty's operations may set a precedent for future transactions in the sector, highlighting the importance of community engagement and specialized offerings in driving growth.