Hiscox pays $55 million for Direct Asia, Whittington Group’s Singapore-based online motor and home insurance business. The company will continue to operate under its own name and with the existing local management team.
Bronek Masojada, Hiscox chief executive, says: "Direct Asia is a challenger brand with real potential. It gives Hiscox a 21st century distribution platform in Asia that leapfrogs traditional routes to market. Direct Asia complements our direct-to-consumer businesses in Europe and the US, and in time, we will use it to distribute Hiscox products."
Steve Langan, managing director of Hiscox UK and Europe, has been appointed group chief executive of the new venture, which has employees in Singapore, Hong Kong and Thailand.
Anthony Hobrow, Whittington Group chief executive, concludes: "we have developed a successful entrepreneurial business, taking on the global giants with traditional distribution models. We are very pleased that we have been able to pass this unique platform to Hiscox who can supply expertise, capital and a strong customer focussed culture to help us further develop and grow the business."
Hiscox, acquisition, Asia