Hagerty has strengthened its position in the UK enthusiast vehicle market after agreeing to acquire specialist motorcycle insurance broker Bennetts in a deal worth £34 million, significantly expanding its international footprint.
The agreement will see Hagerty acquire Bennetts from Lucida Group, with the transaction expected to complete during the third quarter of 2026, subject to regulatory approval. The acquisition is anticipated to be immediately earnings accretive and forms part of Hagerty’s wider strategy to grow its specialist enthusiast businesses outside the United States.
Founded more than 90 years ago, Bennetts has become one of the UK’s leading motorcycle insurance specialists, holding around 15 per cent of the market. The business has built a strong reputation through its rider-focused approach, achieving a Net Promoter Score of 65 and developing one of the country’s largest motorcycle enthusiast communities through its Bike Social platform.
A Natural Fit for Enthusiast Brands
Hagerty believes the acquisition represents a strong strategic fit, bringing together two businesses that have built their reputations by serving passionate motoring enthusiasts.
McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty, said:
“Bennetts is a brand built the same way Hagerty was built – by genuine enthusiasts, for genuine enthusiasts. Their 100,000 community members from Bennetts’ Bike Social platform, decades of trust in the UK motorcycle market 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.”
Mark Roper, Managing Director of Hagerty UK, added:
“We are excited to welcome the Bennetts team into the Hagerty family. 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, building something stronger than either of us could on our own.”
UK Business Set to Triple in Size
The acquisition is expected to triple Hagerty’s UK revenues to approximately £25 million, providing immediate financial benefits while creating opportunities for further growth through operational synergies.
Beyond insurance, the deal also supports Hagerty’s broader international ambitions by complementing the continued expansion of its specialist auction division, Broad Arrow, across Europe.
The combined business will bring together specialist motorcycle and enthusiast car insurance, live and online auctions and community-focused events, creating greater opportunities to serve customers across multiple enthusiast markets.
Strong Community Engagement
Bennetts’ customer portfolio consists predominantly of enthusiast riders, with around 92 per cent of its insurance book made up of motorcycle enthusiasts. The company also enjoys exceptionally high customer engagement, supported by:
- Around 15% share of the UK motorcycle insurance market
- 100,000 Bike Social community members
- A 4.7 out of 5 Trustpilot rating
- More than 250,000 YouTube subscribers
- Approximately 41 million annual social media interactions
Hagerty believes these strengths closely align with its own customer-focused approach, providing a strong foundation for future growth in the UK enthusiast vehicle market.
