Hagerty Just Bought UK Motorcycle Insurer Bennetts. Third Acquisition in a Decade

Hagerty just acquired Bennetts Insurance for around $45 million, marking a major milestone in its global expansion.

By: Robbie Bacon

Jul 6, at 9:38am ET

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If you're from the US, I'm sure you know Hagerty—the world's largest provider of specialty insurance for classic vehicles. But if you're from the UK, Bennetts Insurance, which specializes in motorcycle insurance, will be far more familiar to you. Both companies share the fact that they're involved in automotive insurance, first and foremost, but have expanded into automotive media. Now, they're about to share a whole lot more.

Haggerty just announced that it bought Bennetts from Lucida Group for £34 million ($45.4 million). It's expected that the acquisition will be completed during the third quarter of 2026, when Bennetts will become part of Hagerty's portfolio. This will mark the third acquisition of Bennetts since 2015.

The motorcycle insurance broker, which was founded in Coventry in 1930, was acquired by Saga in 2015. Atlanta Group attempted to buy Bennetts in 2020, but the sale was blocked by the UK's competition regulator. Lucida Group took ownership in 2021, but now, it's Hagerty's turn.

The hope is that Bennetts will strengthen Hagerty's position in the UK enthusiast vehicle market while growing both businesses. And it's a logical move, considering around 92 percent of Bennett's policyholders are classified as enthusiast riders rather than commuters; this aligns well with Hagerty's customer profile in the US.

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Bennetts uses media, such as BikeSocial, to expand its reach in the market with road testing and rider training, and this is similar to how Hagerty operates. It's not a direct mirror image, but the way Bennetts operates won't be foreign to Hagerty, so the new deal should help both companies expand fairly quickly, with Hagerty providing financial support, and Bennetts already having a huge customer base to build on.

Bennett's is a broker that insures around 15 percent of the UK's motorcycle insurance market. Once Hagerty takes over, it will act as a funnel for the US company, offering instant scalability. If all goes to plan this will mark a huge milestone for Hagerty in terms of global expansion.