Hagerty Buys Bennetts for $43M to Expand UK Motorcycle Insurance Footprint — Hagerty, Inc.

Event summary

Hagerty acquires Bennetts, the UK's #2 specialty motorcycle insurance broker, for £34M ($43M) from Lucida Group.
The deal is expected to close in Q3 2026 and triple Hagerty’s UK revenue to approximately £25M.
Bennetts brings a 15% market share in UK motorcycle insurance and a 65 Net Promoter Score.
The acquisition aligns with Hagerty's strategy to expand its Broad Arrow business internationally.

The big picture

Hagerty's acquisition of Bennetts strengthens its position in the UK specialty insurance market, building on its existing Broad Arrow Auctions business. The deal reflects a broader trend of consolidation in the niche insurance sector, as companies seek to scale internationally and create integrated enthusiast platforms. With a focus on community engagement and high Net Promoter Scores, Hagerty aims to leverage Bennetts' trusted brand to drive growth.

What we're watching

Integration Challenges: How Hagerty will merge Bennetts' operations with its existing UK business and realize identified synergies.
Cross-Sell Opportunities: Whether the combined platform can effectively cross-sell insurance, auctions, and community engagement across motorcycles and cars.
Regulatory Approval: The pace at which regulatory approval will be secured and any potential hurdles that could delay the deal.