BikeBiz Bicycle and cycling retail news
Laka has acquired the renewal rights to CoverCloud’s bike portfolio.
CoverCloud is the online direct selling division of Acumen Insurance Services Limited, providing innovative personal lines insurance products, notably travel and gadgets. A trailblazer in the industry,
This acquisition marks a significant step in Laka’s growth strategy, following its acquisition of French bike insurance provider, Cylantro, last year.
The renewal rights acquisition consolidates Laka’s position as a leading bike insurer in the UK, allowing CoverCloud’s existing customer base to access Laka’s community-driven insurance model, while it continues to expand its presence across Europe.
On the renewal rights acquisition, CoverCloud’s owner Acumen Insurance Services Limited MD Alan Reif says: “We are delighted our cycle policyholders will be able to access this specialist cycle insurance product with additional services, too.
“We researched the UK cycle market very diligently for the right partner, and Laka was the obvious home for our cycling customers.”
CoverCloud customers will be able to utilise Laka’s insurance coverage with a new level of flexibility and transparency.
Laka offers three tiers of coverage for UK customers: a Core product with essential insurance cover, a Complete product, and the ability to add Race and Travel for a minimum of 30 days at a time.
Laka continues its commitment to lead and redefine the pan-European cycle insurance space, extending its footprint across the region and working with customers and businesses alike to offer new solutions.
Tobias Taupitz, Laka CEO, adds: “We’re excited to provide CoverCloud’s customers with the ability to join The Laka Collective.
“We take great pride in our customer-centric approach and are delighted that the CoverCloud Team recognises this by choosing Laka as their preferred partner.
“This renewal rights acquisition forms part of Laka’s M&A strategy, complementing organic growth.”
All CoverCloud customers that choose to join Laka will receive 30 days free insurance.
