Car insurance news
UK online car insurance firm sold to Australian company
An East Sussex online car insurance broker that was originally founded on a small government grant has been sold to an Australian company for £140 m.
Hastings Insurance Services, which was named after the town near Bexhill-on-Sea where it was set up, recently confirmed the sale of both of its online car insurance brands - Hastings Direct and Peoples Choice - to the Insurance Australia Group (IAG).
Peter Connell, chief executive of the cheap car insurance company, said: "The sale of Hastings to IAG represents a milestone in the already successful development of both companies.
"This is a significant development for our company, and one which the board of directors and executive management team wholeheartedly support."
He also confirmed that none of the 1,400 motor insurance workers employed by Hastings would lose their jobs as a result of the transfer of ownership.