Hastings Direct boss says no rush for post-election flotation

Hastings Direct boss Gary Hoffman has claimed the insurer has “no imminent plans” for a £1 billion post-election flotation.

The company has appointed Goldman Sachs and Credit Suisse to look at its options and has been tipped to list on the London Stock Exchange shortly after May’s vote. This would land shareholders, including Goldman and colourful entrepreneur Neil Utley, large windfalls.

“We are in no rush and have no definitive timetable,” said Hoffman, who previously ran Northern Rock and investment vehicle NBNK.

The home and motor insurer has 1.71 million customers and saw its pre-tax profits rise 29% to £69.3 million last year. Its gross written premiums were up 19% to £483.4 million.