Hastings Insurance bought by IAG
Hastings Bought by Australian Company
29 Sep 2006
Hastings the UK's 5th largest car insurance broker has been bought by Insurance Australia Group Ltd. Insurance Australia Group Ltd are Australia's second largest insurer and paid 140 million pounds for Hastings and Advantage Insurance company in their first foray into Western Europe although they already own a stable of brands in Australia including NRMA, RACV, SGIO, CGU Swann and SGIC as well as NZI and State Insurance in New Zealand.
Hasting have been growing at 5 times the UK insurer average in the last five years, and Insurance Australia Group believe they can capitalise on this. Hastings had been owned by the Logan Trust, a charitable body based in Gibraltar.
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