Saga completes acquisition of Bennetts for £26m

1st Jul 2015 07:38

Saga said on Wednesday that it has completed the acquisition of motorbike insurer Bennetts for £26.26m in cash.Bennetts, which Saga agreed to acquire from BGL Group earlier this year, provides insurance cover for more than 220,000 customers. Around half are within Saga's target demographic, allowing Bennetts to benefit from access to Saga's database of 10.8m people. In turn, Saga will benefit from further cross-selling opportunities for its existing products and services.Saga said Bennetts fits well with its increased focus on digital orientated businesses, with a successful online social network, 'bikesocial', that sees over 300,000 visitors per month.Sage chief executive officer Lance Batchelor said: "The over 50s' growing share of the motorbike market in the UK makes Bennetts an excellent fit with Saga's current insurance offering."Bennetts' model of providing insurance solutions via a panel is also in line with our cash generative, capital efficient strategy, and will aid our ambition to drive growth through our high quality insurance division."