International specialist insurer Hiscox is selling its business operations in Singapore and Thailand.
In a London Stock Exchange filing, the Bermuda-headquartered group cited an agreement with Ignite Thailand Holdings Limited for the sale of DirectAsia. Financial terms of the pending transaction were not disclosed.
Founded in Singapore in 2010 and launched into Thailand in 2013, DirectAsia specializes in motor insurance. Its gross written premium in 2022 stood at $52.5 million.
Lifting the lid on the divestment, Hiscox said: “[The] decision to divest follows the group’s previously announced strategic review of the business as part of its continued active portfolio management and disciplined focus on key markets where it sees the greatest opportunities to maximize value for shareholders.”
Subject to customary conditions and regulatory approvals, the sale is expected to complete by the end of the year.
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