Hastings, which sells home insurance as well as cover for cars, vans and motorbikes, set out a target to increase its customer base from 1.9m to 2.5m by the end of 2017. The company would not comment on valuation. People close to the offer said investors should value it somewhere between Esure, which trades on about 13.5 times forecast 2016 earnings, and Admiral, on about 15.5 times. On this basis, a £1bn-plus valuation could be achieved if investors believed Hastings could deliver pre-tax profits of £100m next year.

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