Insurers sign up to panel

The management buyout of Hastings Direct, Advantage and the brands insure.co.uk, insurepink.co.uk and insureblue.co.uk has received regulatory approval from the FSA and FSC.

The deal to acquire the businesses from Insurance Australia Group was announced in December and makes it one of the largest privately owned insurance groups in the UK.

The company said it will now be investing in revitalising the Hastings Direct brand with a renewed focus on marketing and brand development and increasing customer choice and service. Hastings is set to become a leading independent mass market insurer, offering a range of products underwritten by a panel of insurers including Axa, Equity Insurance, Chaucer, Markerstudy, Premier, Provident, Highway and through its sister company Advantage Insurance. The company said it will be looking to increase its panel of insurers in the near future.

The Hastings Direct brand will operate as a broad mass market, personal lines broker, offering car, household, motorcycle and travel insurance products through the Hastings brand and will over time seek to increase its range of products. The broker is also investing in its Bexhill call centre which is currently being upgraded and expanded. The direct brands insure.co.uk, insurepink.co.uk and insureblue.co.uk will be positioned separately from Hastings Direct and target their own market sectors.

Edward Fitzmaurice, chief executive of Hastings Direct, said: “We are delighted to receive regulatory approval for the management buyout of Hastings Direct and Advantage Insurance Company, securing the future of the businesses for our staff and over 400,000 customers.

“We can now focus completely on further developing the Hastings Direct brand and building the business in the UK motor and household personal lines market to offer customers the choice, value and service they expect and become the insurer of choice for the UK consumer.”

The management buy out was led by Edward Fitzmaurice, chief executive of Hastings and Equity Direct, and Keith Charlton, chief executive of Advantage Insurance and has been financed by private investors. Fitzmaurice took over as chief executive of Hastings and Equity Direct in April 2008.

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