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17 May 2018 17:42
Hastings Group Holdings plc
Hastings announces pricing of £250m of 7 year fixed rate investment grade unsecured senior bonds
17 May 2018
Hastings Group Holdings plc ('the Group', or 'Hastings'), the technology driven insurance provider, today announces that it has priced £250m of 7 year fixed rate investment grade unsecured senior bonds (the 'Bonds').
The Bonds, which have been issued by Hastings Group (Finance) plc, a wholly-owned subsidiary, will be listed on the Global Exchange Market of the Euronext Dublin Stock Exchange. The Bonds carry an annual interest rate of 3%, payable semi-annually.
Richard Hoskins, Chief Financial Officer of Hastings Group Holdings plc, commented:
"I am very pleased with the strong demand for our debut bond, which has received support from a broad range of investors, and that we have locked in an attractive rate of interest for the next 7 years."
For more information, please contact:
Hastings Group
Richard Hoskins
Chief Financial Officer
T: +44 (0)1424 738244 ir@hastingsplc.com
Louise Underwood
Director of Investor Relations
T: +44 (0)1424 738244 ir@hastingsplc.com
Instinctif Partners
Giles Stewart
T: +44 (0)207 457 2020 hastings@instinctif.com
About Hastings
Founded in 1996 in Bexhill-on-Sea on the Sussex coast, the Hastings Group is one of the fastest growing general insurance providers to the UK market, with 2.7 million live customer policies and employing over 3,400 colleagues at sites in Bexhill, Leicester, Gibraltar and London.
Hastings provides refreshingly straightforward products and services to UK car, bike, van and home insurance customers with around 90% of policies directly underwritten by its Gibraltar based insurer, Advantage Insurance Company Limited.
Hastings Direct is a trading name of Hastings Insurance Services Limited, the Group's UK broker, which also trades via 'Hastings Premier', 'Hastings Essential', 'Hastings Direct SmartMiles', 'People's Choice' and 'insurePink'.
The Group operates as an integrated insurance provider with two businesses. The Group's Retail business, Hastings Insurance Services Limited, is responsible for the end customer pricing, fraud management product design, distribution and management of the underlying customer relationships. The Group's Underwriting business, Advantage Insurance Company Limited, engages in risk selection, underlying technical pricing, reserving and claims handling.
Retail is supported by, and benefits from, Underwriting's prudent approach to risk and reserving and also benefits from a panel of insurance partners who provide additional underwriting capacity. The Group's integrated model deliberately separates underlying product manufacturing from its distribution.
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