US-based classic car insurance provider Hagerty Inc has agreed to acquire motorcycle insurance broker Bennetts from Lucida Group for £34m. Hagerty currently has operations in the US, Canada and the UK. It says the deal, which is expected to complete in the third quarter of the year, will boost its UK revenue to approximately £25m.

Bennetts was established in 1930 and more than 90% of its book of business is made up by enthusiast riders.

Hegerty says the deal complements the growth of its classic car auction business, Broad Arrow Auctions, which has expanded its European presence over the past year.

McKeel Hagerty, chief executive officer and chairman of Hagerty, said: “Bennetts is a brand built the same way Hagerty was built – by genuine enthusiasts, for genuine enthusiasts.

“Their 100,000 community members from Bennetts’ Bike Social platform, decades of trust in the UK motorcycle market and disciplined, low-frequency book make this a natural extension of everything we stand for as we look to seed our international growth in a deliberate way.”