Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 18th of July 2018
February 4, 2009

Hastings Direct completes management buyout

by Gill Montia

Story link: Hastings Direct completes management buyout

Hastings Direct has been acquired from Insurance Australia Group in a management buyout.

The purchase includes the personal lines broker’s Advantage business and its insure.co.uk, insurepink.co.uk and insureblue.co.uk brands.

The deal was announced in December of last year and has now secured regulatory approval.

The new owners say they will be investing in revitalising the Hastings Direct brand with a renewed focus on marketing and brand development.

This includes positioning insure.co.uk, insurepink.co.uk and insureblue.co.uk separately from Hastings Direct to enable the brands to focus on their own market sectors.

The firm’s panel of insurers currently includes Axa, Equity Insurance, Chaucer, Markerstudy, Premier, Provident and Highway and Hastings’ management is keen to expand this in the near future.

In addition, new products will be added to the Hastings Direct brand, which currently offers car, household, motorcycle and travel insurance.

The expansion includes further investment in the company’s Bexhill call centre.

Hastings Direct chief executive and leader of the buyout group, Edward Fitzmaurice, says the acquisition will enable the company to “focus completely on further developing the Hastings Direct brand and building the business in the UK motor and household personal lines market”.

 

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