28th Jan 2015 07:38
LONDON (Alliance News) - FTSE 250-listed financial services provider Saga PLC on Wednesday said it has struck a deal to buy motorbike insurer Bennetts for GBP26.3 million in cash.
Saga will buy Bennetts, which provides motorbike insurance to more than 200,000 customers, from owner BGL Group.
Bennetts reported revenue of GBP17 million and gross written premiums of GBP31 million for the year to the end of June 2014.
"We are delighted to add Bennetts to Saga's portfolio of highly-regarded brands. 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," said Saga Chief Executive Officer Lance Batchelor.
By Sam Unsted; [email protected]; @SamUAtAlliance
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