It definitely looks fixable to me.
From the pic, it looks like most of the section where the hole is, is actually still there.
As a guide, I charge £180 for a bumper repair & full repaint - I don't do 'blow-ins' on paintwork, as I find they really aren't successful unless you are working in a spraybooth (and most smart repairers don't).
Your absolutely cheapest option is a big GB sticker placed strategically - but since the damage wasn't self-inflicted, then that won't be an option...
Again, a secondhand bumper could be sourced fairly cheaply (colour not that important) and sprayed up - £100 for the prep & paint + the cost of the bumper.
But I wouldn't be doing all the legwork here - after all, he ran into you, and regardless of how nice he is, he is obligated by law to do the right thing, he isn't doing you any favours.
In my experience, people who are getting damage repaired which has been caused & paid for by a 3rd party tend to have higher expectations - and I'm sure you will follow that trend. Choose the repair which YOU will be most happy with - is what I'm saying.