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Thursday 17 May, 2018

Hastings Group Hldgs

Pricing of senior bonds

RNS Number : 4934O
Hastings Group Holdings plc
17 May 2018
 

 
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 [email protected]

 

Louise Underwood

Director of Investor Relations

T: +44 (0)1424 738244 [email protected]

 

Instinctif Partners                                  

Giles Stewart

T: +44 (0)207 457 2020 [email protected]  

 

 

 

 

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.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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