Founder sells insurance site

The owners of Insider Publishing, a specialist information company for the insurance industry, are celebrating after selling the business for £16.8m to Euromoney Institutional Investor.

Peter Hastie, 39, its founder and managing director, and more than a dozen other shareholders hold stakes in Insider Publishing.

The London-based publishing group, which was founded in 2000, owns the Insurance Insider website as well as operating a series of regular events and awards.

The FTSE 250-listed Euromoney, already a major player in financial information and events, said Insider Publishing would compliment its existing stable of brands including Reactions, its own insurance information service.

Mr Hastie is the largest individual shareholder in Insider Publishing with a 16 per cent per cent stake, potentially worth £2.7m.

Insider Publishing is highly profitable, making £2.1m before tax last year on revenues of £4.7m.