Bennetts motorcycle insurance up for sale
UK insurance company Bennetts has reportedly been put up for sale by its parent company Saga
UK motorcycle insurance specialists Bennetts have reportedly been put up for sale by their parent company Saga after four years of ownership.
First reported in the Evening Standard, it is thought that Saga has sold the insurance giant and BSB title sponsor to concentrate on it’s core business of travel and insurance products for over 50s.
Saga bought Bennetts back in July 2015 with the plan to use the company’s 200k customers as a cross-sale option for some of Saga’s own travel products. The Standard also reports that the integration into Saga’s own IT infrastructure never happened, limiting the ability to cross-sell products like travel insurance to Bennetts customers.
Previously Bennetts was owned by the Peterborough based insurance giants the BGL group, well known for turning brand like Compare the Market and its meerkat mascot/pseudo CEO, Aleksandr Orlov into household names. That deal was signed for a reported £26.6m, it is unknown what Bennetts value to a potential buyer could be now.
The Evening Standard also go on to question whether 5% stakeholder Elliot is looking to position itself to takeover one or both sides of the business through its private equity firm.
Who are Bennetts?
Bennetts is one of the longest serving motorcycle insurers in the UK and was established by Gordon Bennetts in 1930. It’s thought they currently have over 200,000 customers making one of the biggest and best used companies for bespoke motorcycle insurance policies.
In 2018 Bennetts once again became the title sponsor for the BSB championship, a move that brought back memories of the BSB heyday of the 2000s, when Bennetts first became the title sponsor for the series.
Simon (AKA Toad) has been working within the motorcycle industry for more than twelve years, and a member of the motorcyclist family since birth. Growing up around British-built single and twins, it was inevitable that a life on two wheels was on the cards, from a very early age!
