Hagerty Acquires Bennetts, Gaining Leadership in UK Motorcycle Insurance Market

Hagerty Expands Reach in the UK Motorcycle Insurance Sector

Hagerty, Inc., a recognized leader in automotive insurance, has taken a significant step in consolidating its position in the automotive insurance market by agreeing to acquire Bennetts, the second-largest specialty motorcycle insurance broker in the United Kingdom. This acquisition is poised to enhance Hagerty's international growth strategy, which aims to provide comprehensive support and resources for driving enthusiasts.

The deal, valued at £34 million (approximately $43 million), reflects Hagerty's commitment to increase its foothold in competitive markets outside the United States. With the transaction expected to close in the third quarter of 2026, pending regulatory approval, Hagerty anticipates immediate financial benefits from the acquisition, marking a pivotal moment in its expansion efforts.

Bennetts: A Trusted Name with Enthusiast Appeal

Founded over 90 years ago, Bennetts has ingrained itself in the UK motorcycle insurance community, commanding a 15% market share. Notably, it boasts a remarkable Net Promoter Score of 65, indicating strong customer loyalty and satisfaction. Bennetts' success stems from a member-centric approach, similar to Hagerty's own philosophy within the car enthusiast realm.

According to McKeel Hagerty, CEO and Chairman of Hagerty, “Bennetts has established a brand synonymous with trust and enthusiasm, much like Hagerty. With a thriving community of over 100,000 members connected through ‘Bike Social’, our visions align perfectly in nurturing a community for motorcycle enthusiasts in the UK.”

Strategic Growth and Enhanced Services

The acquisition is set to triple Hagerty’s revenue in the UK, raising it to approximately £25 million. Moreover, it provides a valuable opportunity to integrate Bennetts into Hagerty's broader business operations, which include not only insurance products but also live and digital auctions and community engagement activities.

Mark Roper, Hagerty’s UK Managing Director, expressed enthusiasm about the integration, stating, “We are committed to preserving the elements that make Bennetts special while enhancing it with the strengths of Hagerty. Together, we can offer a more robust platform for enthusiasts across the UK.”

This merger paves the way for various cross-selling opportunities, enabling both companies to share resources and provide comprehensive solutions to their customers. The addition of Bennetts' customer base, which predominantly comprises 92% enthusiast riders with a risk profile closely mirroring Hagerty's offerings, signifies a strategic alignment in target market interests.

Community Engagement and Future Directions

Bennetts brings with it an impressive online presence, illustrated by its 4.7/5.0 Trustpilot rating, a substantial 250,000 YouTube subscriber count, and over 41 million annual interactions across social media platforms. This indicates Bennetts not only serves as an insurance provider but also as a vibrant community hub for motorcycle enthusiasts.

Hagerty's growing influence through the Broad Arrow Auctions further complements this acquisition, allowing for enhanced visibility and engagement with UK customers who are as passionate about motorcycles as they are about cars. Integrating specialized insurance with live events has the potential to create a comprehensive engagement ecosystem catering to enthusiasts.

As Hagerty continues to grow its international operations, the company remains focused on delivering innovative solutions that empower enthusiasts, thus reinforcing its commitment to the driving community.

Conclusion

The acquisition of Bennetts marks a significant milestone for Hagerty as it embarks on a journey to offer enriched services to motorcycle enthusiasts while achieving substantial growth in the UK insurance landscape. The shared enthusiasm and community-driven approach of both brands signify a promising future for enthusiasts in the UK, ingraining deeper roots into the motorcycle culture. Through this strategic acquisition, Hagerty is poised to lead the specialty motorcycle insurance market effectively, setting the stage for continued success in this dynamic sector.