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.




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More on this story

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.