International specialist insurer Hiscox has entered into an agreement to sell DirectAsia, its business operations in Singapore and Thailand predominantly providing motor insurance, to Ignite Thailand Holdings Limited, the parent of the Roojai group of companies.
DirectAsia was founded in Singapore in 2010 and launched in Thailand in 2013. Hiscox describes the business as having a strong business model, operating through a number of distribution channels, and using market-leading rating mechanisms.
In 2022, DirectAsia had gross written premiums of $52.5 million.
Hiscox stated that the transaction is subject to customary conditions and regulatory approvals, and is expected to complete by the end of 2023.
The firm noted that its decision to divest follows its 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 maximise value for shareholders.
In related news, Ryan Barker was recently appointed to the role of Chief Technology Officer of Hiscox Re & ILS, the reinsurance and insurance-linked securities arm of the specialist global insurer.
Barker, who will join the firm on October 2, will be responsible for driving all aspects of the business’ technology strategy.
