%20(1).jpg/r%5Bwidth%5D=320/fd6d1920-47f1-11ee-88ed-6168350caf78-_Captives%20International%20(73)%20(1).webp)
27 September 2023News
Hiscox sells DirectAsia subsidiary to Thai group
Bermuda-based Hiscox has agreed to sell subsidiary DirectAsia, which primarily provides motor insurance in Singapore and Thailand.
The specialist insurer said it is selling the business to Ignite Thailand Holdings, the parent of the Roojai group of companies. The transaction is expected to complete by the end of 2023.
Hiscox said the decision to divest follows a strategic review of the business.
Hiscox bought the business, which was launched as an online direct to consumer insurance provider, from Singapore-based Whittington Group in 2014 for $55 million.
In 2016, Hiscox sold the Hong Kong division of DirectAsia to Well Link Group Holdings.
Editor's picks
Editor's picks
News
22 October 2023 The sale will enable the legacy re/insurer to reduce ‘unsustainable’ debt.
News
5 November 2023 The ratings agency said Hiscox’s underlying performance was strong despite recent losses.
Feature
17 October 2023 The company foresees specialty line growth amid hard market resilience.
News
31 August 2023 Hiscox Re’s CEO says technology is foundational for the company’s business success.
News
5 November 2023 The ratings agency said Hiscox’s underlying performance was strong despite recent losses.
Feature
17 October 2023 The company foresees specialty line growth amid hard market resilience.
News
31 August 2023 Hiscox Re’s CEO says technology is foundational for the company’s business success.
Related content
Bermuda Re
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom