US insurer agrees to acquire UK motorcycle broker

US insurer Hagerty has entered into a definitive agreement to acquire UK motorcylce broker Bennetts from Lucida Group.

Hagerty said Bennetts has a ”15% UK motorcycle insurance market share” and that the deal, valued at £34m, should increase its international scale.

In turn, Hagerty expects to triple its UK revenue to around £25m.

Bennetts’ book also comprises 92% enthusiast riders and has a risk profile similar to Hagerty’s enthusiast car insurance portfolio.

“Bennetts is a brand built the same way Hagerty was built – by genuine enthusiasts, for genuine enthusiasts,” said McKeel Hagerty, chief executive and chairman at Hagerty.

“Its 100,000 community members from Bennetts’ ‘Bike Social’ platform, decades of trust in the UK motorcycle market and disciplined, low-frequency book make this a natural extension of everything we stand for as we look to seed our international growth in a deliberate way.”

’Integrated enthusiast platform’

The deal is expected to close during the third quarter of 2026.

Hagerty added that together, ”both brands can create a more integrated enthusiast platform in the UK – combining specialty insurance, live and digital auctions and community engagement across both motorcycles and enthusiast cars with meaningful cross-sell opportunities”.

Mark Roper, Hagerty’s UK managing director, said: “We are excited to welcome the Bennetts team into the Hagerty family. Bennetts has built something special — a brand riders trust, a community they love and a business with momentum.

”Our commitment is simple. Keep what makes Bennetts great and bring the best of Hagerty alongside it, building something stronger than either of us could on our own.”