Beauty parade of advisers lined up to handle IPO
Hastings Direct chairman Neil Utley could net £150m when the company lists on the London Stock Exchange.
The former IAG UK chief executive owns 30% of Hastings and has stepped up plans for an initial public offering (IPO).
Hastings, valued at around £500m by experts, is in the process of appointing advisors to handle the IPO, reports say.
The Bexhill-based firm plans to float next year. Chief executive Edward Fitzmaurice recently told Insurance Times it is aiming to float on the London Stock Exchanges main market.
Fitzmaurice and Utley bought Hastings from IAG in February 2009. It posted a £5.9m profit after tax for the year to 30 June 2010.
Utley sold Equity Insurance, previously Cox Insurance, to IAG for £570m in 2007.
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