BENNETTS Motorcycle Insurance has been sold by owners Saga for £26m to Atlanta Investment Holdings Ltd which is part of the Ardonagh group. The news comes after months of speculation that the historic brand was up for sale.
The sale comes just five years after the over-50s travel and insurance specialists Saga purchased Bennetts in a deal reported to be worth £26.26m.
The purchase will see Bennetts sit within a pool of big-hitting insurance talent, with motorcycle specialists, Carol Nash, Autonet, and Swinton all sitting under the same umbrella.
In a statement on the London Stock Exchange, Euan Sutherland, Saga group chief executive officer, commented: “As Saga seeks to focus on our core branded business, I am pleased to announce we have agreed on the sale of Bennetts ... This is a good outcome for Saga shareholders and Bennetts customers who will find a good home in The Ardonagh Group."
CEO of The Ardonagh Group David Ross said: “Bennetts holds a well-respected position in the bike insurance sector, making it an ideal addition to the Group … As we gather further momentum into the new decade and continue capitalising on the opportunities that arise from the breadth and depth of our position, we look forward to welcoming another leading brand into the Ardonagh family.”
Vince Chaney, managing director of Bennetts added: “As Bennetts enters its 91st year, the acquisition into Atlanta presents new opportunities for us to continue to improve our products and services for Britain’s motorcyclists ... This is an exciting time within Bennetts and we’re looking forward to working with our new colleagues across The Ardonagh Group.”
