Company Overview of Hastings Insurance Services Limited

The shareholders of Hastings Insurance Services Limited are considering a minority stake sale. A Hastings spokeswoman ascertained that the firm's existing shareholders were considering introducing new investors. The spokeswoman said, "However, as they are confident about the future success of the business, [Chairman] Neil Utley and the other shareholders will retain a significant shareholding. There is no certainty that a transaction will follow and the existing shareholders continue to keep all options open. Hastings is a privately owned company and, under this plan, would remain so."

Hastings Insurance Services Limited is rumored to be considering an initial public offer (IPO). Chief Executive of the company said: "My concentration is on growing the business, the owners of the business see great value in the continuing growth story and importantly we don't need to raise external funds in order to fund our growth because we're creating our own capital. That said, we won't close any avenues off and we will keep all our options open. There is nothing planned imminently there (in terms of an IPO), but I wouldn't want to take anything off the table. We've always said we will consider our options when market conditions are right, when we think we are ready, when we think our valuation is right we will consider an IPO, but we've got no plans at the moment."

Hoffman, who joins Hastings Insurance Services Limited as CEO from NBNK, has held a number of senior positions in the UK financial services industry. Since 2010 Hoffman has been CEO of NBNK. Edward Fitzmaurice, who previously held Hoffman's role, has been appointed executive chairman of Hastings Insurance Services, the main UK trading entity within the group.