Wednesday, April 3, 2013

Hoffman: Hastings ' keep options open ' on the IPO

Company plans to non-aggregator business grow

Motor broker/insurer Hastings Insurance Group keeps its options open regarding an initial public offering (IPO), says CEO Gary Hoffman.

The company has long considered a float and the rumor had is to shoot for a 2012 debut stock exchange, but volatile power market conditions put the plans.

Speaking to insurance times after the introduction of Hastings of 2012 results, Hoffman said, "there's no rush to do anything, but we keep our options open.

"We don't need external funding to finance our growth plans. We are expanding rapidly, and we create our own capital to invest in the company. "

He added that the company has always said that it would look an IPO when market conditions were good and the company was finished, but he added: "We have no plans for anything at this time."

This is despite the fact that a rival, direct line group, has undergone a successful IPO and another, Esure, is set to get more of its IPO in treatment than expected to earn.

Hoffman said: "my concentration is on the growth of the company and creating value for the shareholders."But we would not rule out anything. "

He added that the company also would not rule out acquisitions, but that the main focus was on growing organically.

Growth Plans

Hastings reported a solid set of results for 2012, including an increase in the profit of 81% and up 20% of the gross premiums written.

Hoffman said that Hastings would continue to grow its core car insurance business, most of those by aggregators. The company currently has a share of 4% as the British car market, which means there is room to get bigger.

But, he added that there was also not much room Hastings-car, not aggregator business grow.

Hoffman said: "there is much more room for growth in other products for us, whether it's cycling, from, home, travel or pet. We have small companies in these products. We will extend and expand our distribution also.

"We expect to continue in the future by means of the compilers very successful, but we will also write more direct business."

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Title Post: Hoffman: Hastings ' keep options open ' on the IPO
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Author: Mohammad Zulfi Satriawan

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