Hagerty has agreed to acquire Bennetts, the UK's second-largest specialty motorcycle insurance broker, from Lucida Group for £34 million, in a deal expected to close in the third quarter of 2026 subject to regulatory approval. The strategic logic is specific: 92% of Bennetts' book comprises enthusiast riders, a risk profile that mirrors Hagerty's existing classic and enthusiast car portfolio, and the combination of the two customer bases creates cross-sell potential that a standard broker consolidation would not.
Hagerty's loss ratio improved to 39.3% from 46.4% in 2025 - a figure that illustrates what the enthusiast model delivers financially when underwritten correctly. Bennetts holds 15% of the UK motorcycle insurance market and carries a Net Promoter Score of 65 and a 4.7 out of 5.0 Trustpilot rating, both of which point to a retained, loyal book rather than a price-driven one. That retention profile is what makes the risk characteristics attractive rather than simply the class itself.
The acquisition is expected to triple Hagerty's UK revenue to approximately £25 million and is expected to be immediately accretive. It builds on Hagerty's international expansion through Broad Arrow Auctions, which has grown its European presence over the past year.
Bennetts' brand extends well beyond its insurance book. The broker has 100,000 members on its Bike Social community platform, 250,000 YouTube subscribers and 41 million annual social media interactions. For an insurer whose retention model depends on enthusiast identity rather than price competition, that level of brand engagement is a distribution and retention asset rather than a marketing metric - it reduces churn, supports cross-sell and creates a defensible position against aggregator-driven competitors who compete primarily on premium.
McKeel Hagerty, chief executive and chairman, said Bennetts' community platform and "disciplined, low-frequency book" made the acquisition "a natural extension" of the company's approach to international growth. The combined businesses plan to offer specialty insurance, live and digital auctions and community engagement across motorcycles and enthusiast cars in the UK.
Hagerty reported full-year 2025 results in February, with total revenue up 17% to $1.46 billion and net income up 91% to $149 million.
The Bennetts deal arrives as the UK motorcycle insurance segment has become an active consolidation target. Markerstudy's Atlanta Group includes motorcycle specialist Carole Nash, giving the consolidator a significant position in the same niche Hagerty is now entering through Bennetts. The wider UK broker M&A market has slowed - MarshBerry reported a shrinking pool of acquisition targets in 2025, with several previously active consolidators making no new purchases so far this year - making Hagerty's willingness to pay £34 million for a specialist asset a signal of how highly the enthusiast motorcycle niche is valued by acquirers who understand its underwriting characteristics.
