Global insurance fintech Two Three Bird (TTB) has purchased UK cycle insurance provider and breakdown cover specialist ETA Services.
TTB chief executive officer, Theo Grobler, said: “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.
“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.”
In 1990, the late environmentalist Andrew Davis joined a group of like-minded individuals to address the environment’s need for a green breakdown service and within months, the Environmental Transport Association (ETA) was born.
Co-founded by Grobler and COO Aryna Edwards, TTB started its journey as the first standalone bicycle insurer in Australia in 2008. From there, it expanded its reach to the US and UK in 2015 and recently launched in New Zealand.
ETA directors Becky Gibbins and Gary Smith added: “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.”
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TTB represents many brands including Strava, Wiggle, Chain Reaction Cycles, Velosure, Sundays Insurance, and Real Insurance. Its services include insurance licenses, product development, underwriting, website development, system integration, policy administration, customer service and claims management.