Hiscox sells Thailand, Singapore ops for undisclosed sum

Specialist insurer Hiscox said it had signed a deal to sell DirectAsia, its business operations in Singapore and Thailand to Ignite Thailand Holdings for an undisclosed sum.

DirectAsia was founded in Singapore in 2010 and launched into Thailand in 2013. Its primary business is motor, operating through a number of distribution channels. In 2022 it had gross written premiums of $52.5m.

Hiscox's decision to divest is part of the group's previously announced strategic review of the business to focus on key markets where it sees the greatest opportunities to maximise value for shareholders, the company said on Wednesday.

The transaction is expected to complete by the end of 2023.

Reporting by Frank Prenesti for Sharecast.com