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Chester-based Bikmo raises £1.8 million

Chester-based Bikmo raises £1.8 million | Insurance Business

Chester-based Bikmo raises £1.8 million

There’s never been a better time to get on your bike. With the UK still in lockdown, but residents permitted to exercise as much as they want, cycling has enjoyed a resurgence – and one that is likely to be sustained well into the future with the Government looking at methods to push us away from our vehicles and on to greener methods of transport, post-pandemic.

Capitalising on that boom is Chester-based cycle insurance provider Bikmo, which has secured funding of £1.8 million – an investment led by Development Bank of Wales.

The insurer, which was established back in 2014, offers comprehensive insurance underwritten by Hiscox and has more than 15,000 active policyholders. Now it will use the funding to support further global growth across the UK, Germany, Ireland and Austria.

“We are here to support people’s active lifestyles, and we want riders to know that we can cover them, plus their bike and equipment, whether on road or trail,” said CEO David George. “This investment will enable us to grow and support the recreational riders as we always have, plus the new riders we can all see rediscovering the freedom and utility of riding a bike in the fresh air.

“Cycling is more important than ever for our physical and mental health, and as a practical mode of transport for us all to remain safe and socially distanced. We are all riders at Bikmo so we understand that cyclists need to know that they are protected if something happens.”

According to Hiscox UK managing director Ross Dingwall, Bikmo is a “great example” of using specialist expertise to make life simpler.

“Its products are based on a deep understanding of the customer and a company-wide passion for riding,” he said. “When you combine this with innovative technology, it’s a very powerful proposition. We’ve known for some time that this sector has great growth potential, so the opportunities to scale mean Bikmo has an exciting future ahead.”