• Insurance disruptor Laka completes the renewal rights acquisition of UK insurance provider CoverCloud’s bike portfolio.
• CoverCloud’s customers will now have access to Laka’s insurance cover.
• The renewal rights acquisition follows Laka’s acquisition of French bike insurance provider, Cylantro, last year.

Laka (www.laka.co), the award-winning UK & EU Insurtech that offers a unique insurance model to cyclists and businesses, has acquired the renewal rights to CoverCloud’s bike portfolio. This marks a significant step in Laka’s growth strategy, following their 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 innovative, community-driven insurance model, while they continue to expand their presence across Europe.

CoverCloud customers will benefit from Laka’s insurance coverage with a new level of flexibility, transparency, and 5-star rated customer service. Laka offers three tiers of coverage for UK customers: a Core product with essential insurance cover, a Complete product for ultimate peace of mind, and the ability to add Race & Travel (for as little as 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 and maintain its top-quality service.

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.”

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.

For further information about Laka, visit Laka https://laka.co/gb/

About CoverCloud

CoverCloud is the online direct selling division of Acumen Insurance Services Limited, boasting a strong track record in providing innovative personal lines insurance products, notably travel and gadgets. A trailblazer in the industry, Acumen prides itself on delivering exceptional customer experiences through the use of technology. Acumen’s involvement as a founding member of Insurtech UK underscores its commitment to forward thinking in the insurance sector, leveraging cutting-edge technologies such as AI and parametric solutions. In 2015, Acumen became part of the City of London-based CSP Holding group.

About Laka

Laka, winner of the ‘Best Cycle Insurance Provider’ Award six years in a row, has challenged outdated traditional insurance to provide customers and businesses’ with a fairer, collective-driven approach to insurance. Laka customers pay no upfront premiums, and are instead charged based on the cost of claims submitted by the collective the previous month. Fewer claims result in lower charges. Laka customers work together as a collective and share the cost of claims. Laka handles all claims, divides the cost fairly and limits each customer’s maximum monthly spend with a cap based on the value of the equipment insured by each individual member. Laka members fully benefit from lower costs but are also protected if there are high volumes of claims in any given month.