Hastings Group is listed on the London Stock Exchange (LSE) and part of the Index.

 

Hastings Direct was founded in 1997 based upon a business plan by David Gundlach and Andrew Bowen. In 2006 the company was acquired by Insurance Australia Group and then again by a management buy-out in 2009.

 

In 2012 Hastings launched the innovative usage-based insurance product which requires a telematics device to be fitted to the vehicle. In 2013 Goldman Sachs acquired a 50% interest in the company. The Hastings Direct IPO took place in October 2015. The shares had rallied by 00% in less than two years. On 1 March 2018 Gary Hoffman stepped down as CEO replaced by Toby van der Meer.

 

Hastings trades under numerous brands: Hastings Direct – The largest brand offering car, bike, home and van insurance. Hastings Premier – Cover with the benefits of Hastings Direct plus, breakdown cover and motor legal expenses. Hastings Essential – No-frills car and home insurance. SmartMiles – Measures and rewards good driving with a telematic fitted to the insured vehicle. Aimed at young inexperienced drivers to keep their insurance costs down. People’s Choice – Car insurance at a completive price. InsurePink – Donates £10 from every policy to the Pink Ribbon Foundation.

 

The company’s commitment to its employees, customers, company and community is cited as the reason for its profitability and sustained growth. The straightforward approach to insurance, products and services and competitive prices is attractive to customers.

 

Over its twenty years of operation Hastings is one of the fastest growing general insurance providers in the UK. It boasts over 2.6 live customer policies and employs over 3,100 staff across its Bexhill, Leicester, London and Gibraltar locations. The majority of Hastings policies are underwritten by Advantage Insurance Company Limited, its Gibraltar based insurer.

 

The Hastings Group operates as two businesses: Retail Business – Hastings Insurance Services Limited –End customer pricing, fraud management, product design, distribution and management of customer relationships. Underwriting Business – Advantage Insurance Company Limited – Risk selection, underlying technical pricing, reserving and claims handling.

 

Hastings separates product manufacturing and distribution, that said it is its integrated approach that continues to underpin its success. Retail benefits greatly from the support of the underwriting business and its approach to risk and reserving and its access to the Group’s panel of insurance partners providing further underwriting capacity.