Finance giant the BGL Group of Peterborough has sold its specialist motorbike insurer Bennetts to Saga in a £26 million deal.
Bennetts has 200,000 customers with 43 per cent aged 50 years and above and 77 per cent are over 40 years.
The deal will allow Saga to increase the range of insurance agreements it provides.
Bennetts employs 93 people, including a number working at its contact centre in Coventry.
A spokesman said: “The Bennetts team is one of the factors that make the business so attractive and all Bennetts employees will transfer to Saga, albeit remaining in Peterborough.
“Our aim is to focus on markets with high growth or high margin potential as well as those with real scale potential – such as intermediated home and motor as well as price comparison. ”