Deal allows Hastings to reward a ‘large proportion’ of its staff

Goldman Sachs has completed its purchase of 50% of insurance group Hastings after receiving regulatory approval.

The deal, first announced on 8 October last year, values the entire Hastings group at £700m.

According to the original announcement, a “large proportion” of Hastings staff, who own shares in the company, will get a pay-out as a result of the deal.

The team that led Hastings’s original management buy-out in 2009 will retain a 50% stake in the broking and underwriting firm following Goldman’s investment.

Hastings chief executive Gary Hoffman said: “We are delighted to welcome Goldman Sachs Merchant Banking Division as a new shareholder and look forward to working to deliver our clear strategic plan and to continue providing refreshingly straightforward insurance.”

Goldman Sachs Merchant Banking Division’s global head of financial services investing Sumit Rajpal said: “We are pleased to have formally completed the transaction. We remain extremely impressed by the quality of the Hastings management team and are excited about the prospects for the business as it enters the next stage of its growth.”