Laka acquires renewal rights to insurance provider’s bike portfolio

Insurtech Laka has purchased the renewal rights to CoverCloud’s bike portfolio as it continues its expansion across Europe.

UK insurance provider CoverCloud, which is the online direct selling division of Acumen Insurance Services, specialises in gadget, bicycle, travel and pet insurance.

CoverCloud’s existing bike customers will get access to Laka’s insurance model following the insurtech’s acquisition.

Laka said the deal would also help boost its position in the UK bicycle market.

Tobias Taupitz, chief executive at Laka, said: “This renewal rights acquisition forms part of Laka’s mergers and acquisition strategy, complementing organic growth. 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.

“We’re excited to provide CoverCloud’s customers with the ability to join the Laka collective.”

Expansion

Laka also said the deal marked a “significant step” in its growth strategy, with it currently looking to expand across Europe.

For example, it raised $12m (£8.8m) in a series A funding round in 2022 to build an e-mobility insurtech in Europe.

In 2023, the firm also purchased French bike insurance provider Cylantro.

CoverCloud owner and managing director at Acumen Alan Reif said that a deal with Laka came after deciding it was the “right partner”.

He also said that he was “delighted” to offer CoverCloud policyholders access to Laka’s product and services.

Reif added: “We researched the UK cycle market very diligently for the right partner and Laka was the obvious home for our cycling customers.”