After about two years of rumours that big-league specialist bike broker Bennetts was up for sale by parent Saga, the business has been acquired by insurance giant Ardonagh Group. BDN financial editor Roger Willis reports.
Bennetts will sit alongside erstwhile major competitor Carole Nash, Autonet — which also encompasses motorcycling broker brand Mackenzie Hodgson Insurance — and Swinton under the Atlanta Investment Holdings banner, Ardonagh’s retail platform.
The purchase price was reportedly £26m, slightly below the £26.6m Saga paid for Bennetts in 2015, when it bought the company from comparethemarket.com owner BGL. Bennetts had an estimated 200,000 policy holders at that time. Ardonagh took over Carole Nash in 2017 for £65m.
Commenting on the acquisition, Atlanta chief executive Ian Donaldson (pictured) said: “More than just an insurance provider, Bennetts holds a distinct place within the biking world thanks to its approach to social channels, with Bike Social providing a hub of expert resources and advice for riders of all persuasions across the UK. It’s this client-centric focus which makes it a brand we’ve admired for some time and one that is set to complement our business lines beautifully. We look forward to the collaboration opportunities ahead.”
Completion of the deal, which will potentially put around two thirds of the entire UK motorcycle insurance market into Ardonagh’s hands, is subject to regulatory approval by the Competition and Markets Authority.