US-based Hagerty has signed a definitive agreement to buy UK specialty motorcycle insurance broker Bennetts from Lucida Group in a deal worth £34m ($43m).
The transaction is due to complete in the third quarter (Q3) of this year, subject to regulatory clearance. Hagerty said it is expected to be accretive to its earnings from completion.
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According to the company, the acquisition expands its international footprint and supports its ongoing investment in Broad Arrow, its auctions business operating outside the US.
Hagerty said the business operates on a member-focused model that reflects its own approach in the “enthusiast car space”.
The acquisition is expected to triple its UK revenue to around £25m, Hagerty added.
It said the earnings contribution is expected to materialise independently of any synergies that may be realised later.
The deal follows expansion through Broad Arrow Auctions, a global collector car auction house operating as a subsidiary of Hagerty, which has increased its presence across Europe over the past year.
Hagerty said that, with Bennetts joining the group, it plans to bring together specialty insurance, live and digital auction formats, and community engagement across motorcycles and enthusiast cars in the UK, and cited cross-sell potential between the two businesses.
Hagerty CEO and chairman McKeel 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.”
