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Global insurtech snaps up UK cycle insurance provider

Global insurtech snaps up UK cycle insurance provider | Insurance Business UK

Global insurtech snaps up UK cycle insurance provider

British cycle insurance provider ETA Services Ltd has been bought by global cyclist insurtech Two Three Bird (TTB) for an undisclosed sum.

“TTB already managed the underwriting for the ETA since September 2020, which forged a strong partnership,” noted TTB chief executive Theo Grobler. “We’re now incredibly excited to bring the ETA business as a whole into our fold. There are fundamental synergies between TTB and the ETA when it comes to ethical and sustainable transport.

“Through this acquisition, I hope we will be able to honour and continue with founder Andrew Davis’s legacy in the ETA. We believe that more consolidation of the currently overcrowded niche bicycle insurance market will follow, and we hope that TTB can provide capital and underwriting solutions to more agencies in the UK.”

The ETA’s new owner operates in the UK, South Africa, Australia, and the US.

Grobler declared: “The acquisition of the ETA strengthens our position in the aim to be the largest insurer of bicycles and electromobility / Green Mobility in the world.

“With the focus on sustainability, ethical and charitable business practices, passion for Green Mobility, and putting people first, the two companies share the same ground rules for their respective businesses – ground rules that will be further pursued and fostered under the new acquisition.”

Becky Gibbins and Gary Smith, directors at the ETA, said the deal builds on the company’s 30-year history while ensuring that they continue to get more people on their bikes. The two also expressed their commitment to maintaining the highest standard of customer service and ethical practice.