Tuesday 15 September 2015 5:04 am

Hastings Insurance Group IPO: Insurer looks to raise £180m in London float

Hastings Insurance Group will kickstart its plans to float on the stock market today, City A.M. understands. The insurer is set to announce that it wants to raise as much as £180m from the IPO, according to Sky News, which first reported the story. Hastings declined to comment. The firm, which specialises in motor insurance, has been eyeing a public listing for some time now. Gary Hoffman, Hastings chief executive, told City A.M. in April this year that the firm was “working with the shareholders to review options for the future”, but was “in no rush” to float. In May he confirmed that the group was still considering a flotation, and said the firm was “well positioned to take advantage of significant market opportunities”. In the first half of 2015, Hastings grew gross written premium by 24 per cent, up to £282.7m from £227.2m in the same period of last year. Revenue increased by 16 per cent to £222.6m from £191.3m, and combined operating ratio improved to 90 per cent from 90.4 per cent.