Goldman said it will buy the stake via its merchant banking division (MBD).
In the year to end June, Hastings posted an EBITDA of £83.3m on revenues of £444.1m. As at the end of June, the company had 1.3m customers, up 17 per cent from a year earlier.
Hastings CEO Gary Hoffman said, “Hastings is a fast growing, successful general insurance business. We have a clear strategic plan to continue providing refreshingly straightforward insurance. We are proud of what we do but know we can get better – we intend to be a force for good in the industry.
“GS MBD’s decision to invest with us, and join us in the next stage of our journey, is a strong tribute to all the hard work that everyone in the Hastings team has put in so far. It has been a great growth story in challenging economic times and we are well placed to compete even more successfully in the future.”
Earlier this week it was reported that Goldman’s private equity arm was looking to raise up to $315m by selling shares in China’s Geely Automobile.
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