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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/flotation-plan-for-insurance-firm.jpg"><img class="alignnone size-full" title="Motor and home insurance firm Hastings Direct is being lined up for a stock market flotation" src="http://londonglossy.com/wp-content/uploads/2011/02/min-flotation-plan-for-insurance-firm.jpg" alt="Motor and home insurance firm Hastings Direct is being lined up for a stock market flotation"/></a></p>
<p>Motor and home insurance firm Hastings Direct is being lined up for a stock market flotation that could net its boss a £150 million paper fortune, it has been reported.</p>
<p>Neil Utley, who owns a 30% stake in Hastings Direct, is considering an initial public offering (IPO) of the group and is looking to appoint advisers for a possible listing early next year, according to The Sunday Times.</p>
<p>Hastings Direct, which is the main brand of Hastings Insurance Direct, was launched in 1997 and bought by Mr Utley and chief executive Edward Fitzmaurice as part of a management buyout from Insurance Australia Group (IAG) in February 2009.</p>
<p>The group &#8211; which has around 650,000 policyholders in the UK &#8211; is reportedly valued at £500 million.</p>
<p>Mr Utley and Mr Fitzmaurice are thought to have bought Bexhill-based Hastings for £24 million and then launched a major cost-cutting drive to get the business in shape.</p>
<p>Mr Utley told The Sunday Times: &#8220;A flotation is attractive, because we don&#8217;t want to sell our business to a rival and we want to retain our people.&#8221;</p>
<p>He has already landed a multimillion-pound windfall after selling Equity Insurance, formerly Cox Insurance, to IAG for £570 million in 2007.</p>
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