Hagerty Agrees to Acquire Bennetts to Become #2 Specialty Motorcycle Insurance Broker in the United Kingdom
Rhea-AI Summary
Hagerty (NYSE:HGTY) agreed to acquire Bennetts, the UK’s #2 specialty motorcycle insurance broker, from Lucida Group for £34 million ($43 million). Closing is targeted for Q3 2026, subject to regulatory approval, and is expected by Hagerty to be immediately accretive.
The deal is expected to triple Hagerty’s UK revenue to about £25 million and expand its international scale alongside Broad Arrow. Bennetts contributes a 15% UK motorcycle insurance market share, a 65 Net Promoter Score, 100,000 Bike Social community members and strong digital engagement, supporting cross-sell opportunities across motorcycles and enthusiast cars.
Positive
- Acquisition price of £34 million for UK’s #2 specialty motorcycle broker
- Deal expected by Hagerty to be immediately accretive and financially accretive from day one
- Hagerty’s UK revenue projected to triple to about £25 million
- Bennetts holds 15% UK motorcycle insurance market share
- Bennetts reports 65 Net Promoter Score and 4.7/5.0 Trustpilot rating
- Access to 100,000 Bike Social members and 41 million annual social interactions
Negative
- Transaction closing depends on receiving regulatory approval, creating execution uncertainty
News Market Reaction – HGTY
In the Jul 2 session, HGTY gained 2.74%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 27 | Auction acquisition offer | Neutral | -2.4% | Broad Arrow offering a rare Ferrari Monza SP2 at Villa d’Este auction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Acquisition-tag news has limited history, with one prior event linked to a modest single-day share price decline.
Key Terms
definitive agreement regulatory
accretive financial
net promoter score financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Founded more than 90 years ago, Bennetts brings
"Bennetts is a brand built the same way Hagerty was built – by genuine enthusiasts, for genuine enthusiasts," said McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty. "Their 100,000 community members from Bennetts' 'Bike Social' platform, decades of trust in the
Mark Roper, Hagerty's
Tripling Hagerty's
The acquisition is also expected to triple Hagerty's
This acquisition builds on the international momentum Hagerty has established through Broad Arrow Auctions, which has expanded its European presence over the past year. Together, both brands can create a more integrated enthusiast platform in the
Bennetts' book comprises
Editors Notes.
About Bennetts
Established in 1930, Bennetts is one of the
About Hagerty, Inc. (NYSE: HGTY)
Hagerty is a company built by drivers for drivers, protecting 2.9 million vehicles in the United States, Canada and the UK. We make it easier and more enjoyable for enthusiasts to drive and celebrate the machines they love through innovative insurance products, live and digital auctions, engaging media and events, as well as the Hagerty Drivers Club, the world's largest community of car lovers.
Forward-Looking Statements - All statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected timing and completion of the acquisition and its anticipated strategic, operational and financial impact. Forward-looking statements are based on Hagerty's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including the risk (i) that the acquisition may not be completed on the expected terms or timeline, or at all; (ii) that the closing conditions may not be satisfied; (iii) that the anticipated benefits of the acquisition may not be realized, including earnings enhancements and synergies; (iv) that Hagerty may be unable to successfully integrate Bennetts with its U.K. business or that integration costs may exceed expectations; (v) of potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of the acquisition; (vi) that Hagerty may not have identified certain risks relating to Bennetts' business or underestimated the severity or probability of certain risks relating to Bennetts' business; and (vii) other risks described in Hagerty's filings with the U.S. Securities and Exchange Commission. Hagerty undertakes no obligation to update or revise any forward-looking statements, except as required by law.
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SOURCE Hagerty