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Hastings reveals possible sale

Hastings reveals possible sale | Insurance Business

Hastings reveals possible sale

Hastings Group Holdings Plc has been approached by a consortium interested in snapping up the British general insurer.

In a regulatory filing, the East Sussex business revealed being in talks with Rand Merchant Investment Holdings Limited (RMI) and Sampo Plc regarding a possible cash offer for the insurer’s issued and to be issued share capital not already owned or controlled by the consortium.

South African investor RMI is currently a 29.7% shareholder of Hastings, while Finland-based Sampo – the name behind If P&C, Mandatum Life, and Topdanmark – is looking to further expand into non-life insurance. The duo has also confirmed the ongoing discussions.

Meanwhile, Hastings noted that, in accordance with the Takeover Code, the consortium will have until August 26 to announce either a firm intention to make an offer or that it does not intend to make an offer.

Headquartered in Bexhill-on-Sea, Hastings employs more than 3,400 people and has over 2.7 million live customer policies. The company’s minority shareholders include Aberdeen Standard Investments and M&G Investment Management.