Bennetts

Last updated

Bennetts Motorcycling Services Limited
Company typePrivate company
Industry Finance and Insurance
Founded1930
Headquarters Peterborough, United Kingdom
Key people
Frederick James Bennett, founder
Gordon Bennett, founders son
Vincent Chaney, current Managing Director
Products Financial services
Parent www.lucidagroup.com
Website www.bennetts.co.uk

Bennetts is a specialist insurance broker [1] for motorcycles headquartered in Peterborough, with a contact centre in Coventry, owned by Lucida Group since May 2021.

Contents

History

Bennetts was founded by Frederick J Bennett in 1930 in Coventry. Trading as F.J. Bennett and Sons, they initially provided general insurance services for customers in the West Midlands. By the early 1980s, trading as G.F. Bennett and Co and managed by Frederick's son Gordon, the company focussed on providing motorcycle insurance. [2] Additionally, The Times newspaper noted: "It also offers Travel Insurance provided by Aspen Syndicate which underwrites for Lloyds Insurance." [1]

In 2000, Bennetts launched a quote and buy on-line facility. [3] It was acquired by the BGL Group in 2001. [4] In 2009, Bennetts was one of “more than a dozen” insurance companies criticised for only offering insurance to people with an existing motorcycle licence. [5]

In 2011, the company launched a commercial portal dedicated to motorcycling, [6] followed in 2012 by a social networking group, Bike Social. [7] [8]

On 28 January 2015, it was announced that Saga Group was to purchase Bennetts from BGL Group for a reported £26.26m, [9] completed on 1 July 2015. [10] On 1 December 2019, Bennetts stopped trading through Saga Services Limited, changing to Bennetts Motorcycling Services Limited, remaining part of the Saga group of companies. The Guardian newspaper described Saga's acquisition as: "Saga roars into middle-aged biker market with new acquisition." [9] In a related article, the newspaper noted Saga had paid: "£26m to snap up the motorbike insurer Bennetts, which specialises in providing cover for trophy rides such as Harley Davidsons, Triumphs and Ducatis." [11]

On 17 February 2020, it was announced that Atlanta Group (part of the Ardonagh Group) had agreed to purchase Bennetts from Saga for £26 million. [12] However, it was subsequently reported that: "The sale of Bennetts motorcycle insurance to the Ardonagh Group has been reversed by the Competition and Markets Authority". [13] Subsequently The Ardonagh Group were obliged to sell Benetts by the CMA and it was purchased for an undisclosed sum in May 2021 by Right Choice Holdings, [14] which then evolved into Lucida Group [15] incorporating Bennetts, Right Choice Insurance Brokers (RCIB) and Moorhouse.

In the autumn of 2022, the company began offering car insurance.

Administration fees

Bennetts is an insurance broker, comparing prices from a panel of insurers who underwrite the insurance policy and set pricing, as well as handling claims. As an intermediary, fees are a necessary source of income to cover the costs of arranging and administering policies on behalf of customers. A full explanation of Bennetts fees and charges can be found in their terms and conditions.

Sponsorships

Bennetts is an active sponsor of motorcycle championships, race teams, events and individual racers. Bennetts have a longstanding association with the British Superbike Championship as title sponsor for the 2005-2008, 2018-2020 and 2023-2024 [16] seasons.

Bennetts is the official insurance partner to the Isle of Man TT [17] races [18] and title sponsor of the Isle of Man Classic TT races. [19] They are also the headline sponsor of the Isle of Man Lightweight TT race and a personal sponsor of Isle of Man TT racer John McGuinness ("King of the Mountain").

Previously, Bennetts has been title sponsor of the Suzuki team in the British Superbike Championship, [20] a personal sponsor of various high profile riders, including Neil Hodgson, James Toseland, Cal Crutchlow, Scott Redding [21] and young riders Joe Francis and Rory Skinner. [22]

Bennetts backed long-distance motorcyclist and author Nick Sanders in his 'Final Ride', which Motorcycle News described as: "Nick’s circumnavigation of the world on his Yamaha Ténéré 700, which began in 2019 and was interrupted by the Covid lockdowns when he reached Australia the following year. Sanders resumed his trip in March 2022, finally returning to the UK in January 2023." [23]

See also

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References

  1. 1 2 "Bennetts". Times Money Mentor. Retrieved 6 July 2023.
  2. ↑ "About Us - Bennetts" . Retrieved 19 October 2018.
  3. ↑ "Bennetts goes live with online facility". Insurance Age. 2 May 2000. Retrieved 6 July 2023.
  4. ↑ "History of BGL Group". Archived from the original on 26 November 2012.
  5. ↑ "Insurers give motorcycle owners a rough ride". The Observer. 23 May 2009. ISSN   0029-7712 . Retrieved 6 July 2023.
  6. ↑ Bennetts launches free bike classifieds Peterborough Today (2012)
  7. ↑ Baker, Rosie (21 June 2012). "Bennetts claims first brand-owned social network". Marketing Week. Retrieved 6 July 2023.
  8. ↑ "Bennetts launches dedicated social network for bikers". The Drum. Retrieved 6 July 2023.
  9. 1 2 Bachelor, Lisa (28 January 2015). "Saga roars into middle-aged biker market with new acquisition". The Guardian. ISSN   0261-3077 . Retrieved 6 July 2023.
  10. ↑ "Saga buys motorcycle insurance firm". HeraldScotland. 1 July 2015. Retrieved 6 July 2023.
  11. ↑ Bachelor, Lisa (28 January 2015). "Get your motor running: the retirement crowd going for motorcycle burn-ups". The Guardian. ISSN   0261-3077 . Retrieved 6 July 2023.
  12. ↑ "Ardonagh snaps up motorbike broker for £26m". Insurance Times. Retrieved 6 July 2023.
  13. ↑ Hancocks, Simon (6 October 2020). "Bennetts insurance sale to be reversed following CMA concerns". Visordown. Retrieved 6 July 2023.
  14. ↑ "Right Choice Holdings inks deal with motorcycle broker". Insurance Times.
  15. ↑ "New group of specialist insurance brokers launches". Insurance Times.
  16. ↑ "BSB Knockhill: Glenn Irwin leads BeerMonster Ducati one-two in race three". www.motorcyclenews.com. Retrieved 6 July 2023.
  17. ↑ "Isle of Man TT: The sights, sounds and stars of the world's most dangerous race". The Independent. 6 June 2023. Retrieved 6 July 2023.
  18. ↑ "Sponsors clamour for TT action! - iomtt.com: The World's #1 TT Website" . Retrieved 5 March 2024.
  19. ↑ "Bennetts sponsor Classic TT Races - iomtt.com: The World's #1 TT Website" . Retrieved 5 March 2024.
  20. ↑ "Bennetts back Halsall Suzuki in BSB for two years". Bikesport News. 31 March 2015. Retrieved 19 October 2018.
  21. ↑ "Scott Redding 45 — Partners". Archived from the original on 16 September 2015.
  22. ↑ "Sponsors - Rory Skinner Racing" . Retrieved 19 October 2018.
  23. ↑ "Adventure biker to premiere latest film in Bristol". www.motorcyclenews.com. Retrieved 6 July 2023.
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