Deals: Cycle Specialist Two Three Bird Buys ETA Services

The market for bicycle insurance is growing in the UK and fragmenting at the same time. At the top end, you have commuter electric bikes, leisure ATBs – some battery powered – and then road/racing machines. These racer bikes could be a classic, restored Peugeot, Raleigh or Dawes, or perhaps brand new carbon fibre model worth well over 4K.

Usage differs greatly as well. Some cyclists are fine weather only, leisure riders who want to take the kids somewhere scenic and enjoy a 2 hour ride on bikes that cost under £100 apiece. Generally, they will insurer those bikes on their Home/Contents policy as a default setting. But the enthusiast market is entirely different and here is where you find specialist brokers who truly understand and identify with the cycling lifestyle.

Live to ride, Strava routes, set PBs, change diet and fitness routines to get quicker – it’s a whole different ball game.

One enthusiast driven insurance brand in this segment is Two Three Bird (TTB), who have just announced an acquisition deal, here’s the word;

Global insurance fintech Two Three Bird (TTB) has purchased ETA Services Ltd, the UK’s longest-established cycle insurance provider, breakdown cover specialist, and winner of the Insurance Times Claims Team of the Year 2022.

TTB chief executive officer, Theo Grobler, said of the acquisition: “The acquisition of ETA strengthens our position in the aim to be the largest insurer of bicycles and electromobility / Green Mobility in the world.”

“With the focus on sustainability, ethical and charitable business practices, passion for Green Mobility, and putting people first, the two companies share the same ground rules for their respective businesses – ground rules that will be further pursued and fostered under the new acquisition. TTB already managed the underwriting for the ETA since September 2020, which forged a strong partnership. We’re now incredibly excited to bring the ETA business as a whole into our fold.

There are fundamental synergies between TTB and the ETA when it comes to ethical and sustainable transport. Through this acquisition, I hope we will be able to honour and continue with founder Andrew Davis’s legacy in the ETA. We believe that more consolidation of the currently overcrowded niche bicycle insurance market will follow, and we hope that TTB can provide capital and underwriting solutions to more agencies in the UK.”

ETA Directors Becky Gibbins and Gary Smith add, “The team at ETA are excited to join the TTB family, sharing a vision that challenges the industry status quo, providing customers with insurance across a variety of product lines that best meets the needs of customers, but also puts the environment we live in, at the centre of everything we do. This acquisition will build on the company’s 30-year history and provide the energy needed to ensure we will continue to get more UK people on their bikes. In doing so, we remain committed to maintaining the highest standard of customer service and ethical practice that the ETA has always been renowned for.”

About alastair walker 10203 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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