Two Three Bird bags UK cycle insurance provider for undisclosed sum

A global insuretech business based in South Africa, Two Three Bird, has bought British cycle insurance provider, ETA Services Ltd, for an undisclosed sum.

Related topics:  insurance
Warren Lewis
5th October 2022

ETA’s new owner operates in the US, South Africa, Australia, and the UK and offers "plug-and-play insurance solutions" providing partners with insurance offerings that enhance their customer value proposition and generate long-term revenue.

Theo Grobler, Chief Executive at Two Three Bird, comments: “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.”

Becky Gibbins and Gary Smith, both directors at ETA, said the acquisition builds on the company’s 30-year history and also confirmed their commitment to maintaining the highest standard of customer service and ethical practice

Grobler concluded: “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.”

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