Hastings shares tumble as insurer issues profit warning Hastings shares tumble as insurer issues profit warning Hastings shares plummeted this morning after it warned that it expects a 42 per cent drop in annual profit because of high claims costs in the final quarter. The motor insurer said it plans to lower its annual dividend, citing a challenging market. Shares fell 6.3 per cent this morning to 173.5p. Hastings said claims [...]
Car crash: Hastings share price sinks as rate change hurts profit Hastings insurance struggles as rate change sinks profit Insurer Hastings saw shares fall seven per cent this morning as profits were slashed nearly in half over the first six months of the year. Last month, the government changed the Ogden discount rate, which determines how much insurers have to pay out to people who have been injured in accidents, to a level which [...]
Hastings boss confirms group looking at float HASTINGS Insurance Group boss Gary Hoffman said yesterday that the firm was still looking into the option of floating on the stock market. Addressing speculation that a public listing is on the cards in the next few months, Hoffman told City A.M.: “We are working with the shareholders to review options for the future, and [...]
Goldman Sachs buys half of car insurer Hastings in £150m deal October 8, 2013 GOLDMAN Sachs’ merchant banking division yesterday bought half of British motor insurer Hastings in a deal that values the company at £700m. The Sussex-based insurer has previously made a point of handing shares to its staff, meaning thousands of employees are now set to enjoy a bumper payday. Goldman’s merchant banking arm will finance the [...]
Goldman Sachs in pole position for Hastings bid August 29, 2013 GOLDMAN Sachs is discussions with British motor insurer Hastings about taking a stake in the company, it emerged yesterday. Hastings declined to comment on the identity of its potential suitor but the company said it is in discussion with various organisations as it looks to raise funds for future expansion. The company is currently privately owned [...]