Insurer Hastings rides ahead of competition as customer base grows

(Reuters) - British insurer Hastings Group Holdings Plc said on Friday first-quarter gross written premiums rose 4 percent as more customers bought policies, even as it battled intense competition.

Gross written premiums rose to 235.5 million pounds in the three months ended March 31, from 226 million pounds a year earlier, said the mid-cap insurer.

However, Hastings said the loss ratio would move towards the higher end of the 75 percent to 79 percent target range for the year if third-party property damage costs continue to remain high.

(Reporting by Muvija M and Yadarisa Shabong in Bengaluru; editing by Gopakumar Warrier)