If you’re from the US, I’m sure you know about 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 are first and foremost involved in automotive insurance, but have expanded into automotive media. Now, they’re about to share even more.
Hagerty has just announced it has bought Bennetts from Lucida Group for £34 million ($45.4 million). The acquisition is expected to close during the third quarter of 2026, when Bennetts will become part of Hagerty’s portfolio. This will be Bennetts’ third acquisition 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 competition regulator. Lucida Group took ownership in 2021, but now, it’s Hagerty’s turn.
The expectation is that Bennetts will strengthen Hagerty’s position in the UK enthusiast vehicle market while growing both businesses. And it’s a logical move, given that about 92 percent of Bennett’s policyholders are classified as avid riders rather than travelers; This matches well with Hagerty’s customer profile in the US.
Bennetts uses media such as BikeSocial to expand its reach into the market with road testing and rider training, and is similar to Hagerty’s operation. It’s not a direct mirror image, but Bennetts’ way of operating won’t be foreign to Hagerty, so the new deal will help both companies expand significantly faster, with Hagerty providing financial backing, and Bennetts already having a large customer base.
Bennett is a broker who underwrites about 15 percent of the UK motorcycle insurance market. Once Hagerty takes charge, it will act as a funnel for the US company, providing immediate scalability. If all goes according to plan, this will mark a major milestone for Hagerty in terms of global expansion.
