Cycling insurance businesses come together in buyout deal
British cycling insurance business ETA Services Ltd has been acquired for an undisclosed sum by fellow cycling insurtech Two Three Bird.
TTB chief executive Theo Grobler said of the deal: “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.”
Two Three Bird counts its main markets as the UK, The USA, Australia and South Africa. The deal, according to ETA, adds to the businesses weight in servicing the cycling insurance market, something which it has been doing for 30 years.
Grobler added: “The acquisition of the 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.”
