Over-50s group Saga moves into bike insurance
You calling us old?
SAGA has bought a motorcycle insurance broker from BGL Group for £26.6 million.
The deal sees the over-50s insurance specialist buy the entire share capital of Bennetts, which reported £17m in revenue and £31m of gross written premiums last year.
According to Saga, the motorcycle insurance firm has over 200,000 customers, 43% of which are over the age of 50.
It added that 77% of their customers are over the age of 40, but stressed it would continue to provide insurance to motorcyclists of all ages through Bennetts.
Saga, owners of Direct Choice, already provide insurance to around 20,000 bikers but project it will have a share of around 20% of the UK’s motorcycle insurance market with Bennetts on board.
Lance Batchelor, group chief executive officer at Saga commented: ‘We are delighted to add Bennetts to Saga's portfolio of highly-regarded brands.
‘This fits with our strategic ambition to drive growth through our insurance broking operations. Bennetts sits perfectly within our business model: a capital light, cash generative business that will seamlessly integrate with our database to quickly deliver tangible returns.’
