Bennetts Motorcycling Services Limited (Bennetts) is now part of The Ardonagh Group after it was purchased from its former parent company, Saga, on August 7, 2020.
The specialist motorcycle insurance broker - celebrating 90 years in 2020 - will be part of Ardonagh’s subsidiary, Atlanta Investment Holdings C Limited. The acquisition will present no disruption or changes to service for the over 200,000 riders Bennetts currently manages policies for across the United Kingdom.
As part of this purchase process, the UK Competition and Markets Authority (CMA) has launched an investigation into the acquisition by Ardonagh of Bennetts. As a result, the CMA has imposed an Initial Enforcement Order - also known as a hold-separate order - on Ardonagh and Bennetts, effective as of August 7, 2020]. The overriding purpose of the IEO is to ensure that Ardonagh and Bennetts are held separate during the course of the CMA’s merger investigation and that the competitive structure of the markets in which Ardonagh and Bennetts operate is maintained.
As such, Ardonagh and Bennetts are prevented from sharing information except where strictly necessary in the ordinary course of business, integrating or conducting any joint negotiations (or negotiations on behalf of the other party) or discussions with potential or existing customers and suppliers, among other things, until the CMA has completed its review of the transaction and the IEO ceases to apply. Further notification will be made once the CMA has completed its review, but until then, customers are encouraged to continue to liaise with their usual contacts at Ardonagh or Bennetts, respectively. More detail can be read here.
Vince Chaney, Managing Director for Bennetts, said: “The momentum and mission at Bennetts remains unchanged with the sale from Saga to Ardonagh. These are very exciting times for Bennetts, not only are we celebrating 90 years of history in 2020 but the present and future will see us continue to make sure that riders can get more from motorcycling.”
In the past two years, Bennetts introduced travel insurance and classic insurance products to sit alongside its 5-star Defaqto-rated motorcycle insurance product that recently moved to allow 17 set modifications as standard. As part of its pledge for riders to ‘Get more from motorcycling’, it relaunched its unique to the segment Bennetts Rewards proposition at the start of the year. This platform offers members a huge variety of discounts, deals, rider training, competitions and money-can’t-buy experiences either as part of insurance cover or through a 12-month subscription.
The brand is also title sponsor of the Bennetts British Superbike championship and Classic TT presented by Bennetts, along with being insurance partner to the Isle of Man TT and headline sponsor of the Bennetts Lightweight TT.