Hastings Insurance Services has been sold to an Australian financial services group, according to rumours that emerged today.
Sources said the deal, with the unnamed Australian group, had been announced to senior managers yesterday. Chairman and chief executive David Gundlach was allegedly seen showing the new owners around the office.
An announcement is expected to be made to the Australian Stock Exchange shortly.
Hastings Insurance Services, which specialises in personal lines broking, had a fee and commission income of £54.5m in 2005. It has over 800,000 customers and 1,400 staff.
It is 17th largest UK broker, according to Insurance Times Top 50 Brokers survey.
Hastings has denied the rumours.
