Private equity fund to invest £150m, according to reports
Motor broker and insurer Hastings has entered exclusive talks to sell a stake to a private equity fund owned by Goldman Sachs.
Sky News has reported that GS Capital Partners is likely to invest around £150m for a minority shareholding. Hastings’ board is also finalising plans to raise around £400m through a new bond.
A Hastings spokeswoman said: “Hastings is currently in negotiations with private investors as part of the next phase of development of the company. This process is ongoing and it would be inappropriate for us to comment further at this stage.
“There is no certainty that a transaction will follow and the existing shareholders continue to keep all options open.”
Hastings Insurance Group comprises UK based broker Hastings Insurance Services and Gibraltar-based insurer Advantage Insurance Company.
The group, domiciled in Jersey, was established in June 2011. It formally took ownership of the UK operations in October 2011 and brought Advantage into the group in April 2012.
The group made a profit after tax of £47m in 2012, up 81% on the £26m it made in 2011.
It apponited Gary Hoffman (pictured) as group chief executive in October and has a 4% share of the UK car market.
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