Thu, 29 Jan 2015 | BUSINESS SALE
Over 50s lifestyle group Saga has acquired specialist motorbike insurance firm Bennetts, adding over 200,000 customers.
Saga bought Bennetts – a provider of motorbike insurance to over 200,000 customers and currently owned by BGL Group – in a £26.26 million cash deal. Nearly half of the insurer’s customer base is over 50, while 77 per cent are over the age of 40.
Saga hopes to boost its operating profits, as already half comes from the motor trade industry. Bennetts will continue to provide for bikers of all ages, but the acquisition means that it will have access to the 10.6 million people on Saga’s database.
Saga chief executive Lance Batchelor said of the acquisition: “This fits with our strategic ambition to drive growth through our insurance broking operations.
“Bennetts sits perfectly within our business model: a capital light, cash generative business that will seamlessly integrate with our database to quickly deliver tangible returns.”
New research indicates that the market for motorcycles is increasing in the over 50 age group. In the year to March 2014, nearly 3,000 over 50s passed their motorbiking test in the UK, according to figures from the Department of Transport.
Furthermore, 2014 saw nearly a third of the total spend on motorcycles – £340 million – being done by the over 50s. This marks a 17 per cent growth in the numbers seen sever years ago.
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