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.