HASTINGS Insurance Group is considering selling off a stake in the company that would value the fast-growing firm at as much as £800m.
The vehicle insurer, which recently hit the 1m-customer mark, has been owned by its management since 2009 but is exploring a sale of a minority stake in a bid to expand further.
The company signed up Gary Hoffman, the former chief executive of Northern Rock, last year as a statement of intent, with Hoffman aiming to reach 3m in seven years time. Last year the company’s profits doubled to £61m as its customer base rose 18 per cent to 1.15m.
“Hastings is a fast growing, successful general insurance business,” a spokesperson said yesterday.
“We have exciting plans to continue with this growth. As part of their next phase of development the existing shareholders are exploring the possibility of introducing new private investors to share in the further growth of the business, and allowing the management team to focus on delivering its plan.”