Saga acquires Bennetts for £26.3m

Financial services provider Saga has reached a deal to buy motorbike insurer Bennetts for £26.3m in cash.

The FTSE 250 group said it will acquire Bennetts, which insures over 200,000 customers, from owner BGL Group.

"We are delighted to add Bennetts to Saga's portfolio of highly-regarded brands,” said group chief executive Lance Batchelor.

"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."

For the year to 30 June 2014, Bennetts reported revenue of £17m and gross written premiums of £31m.

Saga shares were up 2.40% to 171.00p at 11:10 on Wednesday.