Former IAG UK CEO Neil Utley has made his debut on the Sunday Times Rich List of the Top 1000 wealthiest people in the UK.

In the recently published list, Mr Utley was noted as having a fortune worth £160 million ($244 million), putting him 430th on the list.

His wealth is derived from his 30% stake in the company he chairs, motor broker Hastings Direct.

Mr Utley was part of a management buyout team, along with Hastings Direct CEO Edward Fitzmaurice, which acquired Hastings Direct and Gibraltar-domiciled motor underwriter Advantage from IAG for £23.5 million ($36 million) in 2008.

In February he said Hasting Direct was gearing up for a float at the beginning of 2012, which analysts say could value the company at £500 million ($763 million) – a remarkable reversal of fortune.

A long-time wheeler and dealer, Mr Utley joined IAG in 2006 after selling motor insurer Cox (now known as Equity) to the Sydney-based insurer for £570 million (at that time $1.39 billion), reportedly netting £13 million for his stake in the business.

IAG then acquired Hastings Direct and Advantage for $350 million in 2006, bolstering its UK motor operations.

But market conditions and operational issues led IAG’s UK motor business into heavy losses, culminating in a one-off charge for prior-year claims reserving.

In 2007, IAG’s then-CEO Michael Hawker conceded there were “operational issues at Advantage and Hastings that weren’t uncovered by due diligence at the time of the acquisition”.

In September 2010, Mr Utley was replaced as CEO of IAG UK by Ian Foy, and has since dedicated his attentions full-time to Hastings Direct.