Mortorcycle insurance company Bennetts has been sold to Ardonagh’s Atlanta division which already owns Autonet, Carole Nash and Swinton.
Ardonagh has exchanged contracts ahead of the purchase going through, the news means that Bennetts is now leaving the Saga Services group which has owned the brand since 2015.
Back then, Saga Services paid £26.26m for Bennetts, the new deal is understood to be costing Ardonagh around £26m.
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A statement from Euan Sutherland, Saga group chief executive officer, said: ”As Saga seeks to focus on our core branded business, I am pleased to announce we have agreed the sale of Bennetts.
“This is a good outcome for Saga shareholders and Bennetts customers who will find a good home in The Ardonagh Group.”
Vince Chaney, managing director of Bennetts added: “As Bennetts enters its 91st year, the acquisition into Atlanta presents new opportunities for us to continue to improve our products and services for Britain’s motorcyclists.
“This is an exciting time within Bennetts and we’re looking forward to working with our new colleagues across The Ardonagh Group.”
Carole Nash was bought by Ardonagh in 2017 in a £65m deal.