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Hiscox Ltd announced on 27 September 2023 that it has entered into an agreement to sell DirectAsia, its business operations in Singapore and Thailand, to Ignite Thailand Holdings Limited. DirectAsia, which primarily provides motor insurance, reported gross written premiums of $52.5 million in 2022. The transaction is subject to customary conditions and regulatory approvals and is expected to complete by the end of 2023.
| Date | 27 Sept 2023 |
| Time | 07:00:08 |
| Category | Disposals |
| ID | 7534N |
Hiscox Ltd divestment of DirectAsia
Hamilton, Bermuda (27 September 2023) - Hiscox Ltd (LSE:HSX), the international specialist insurer, today announces that the Group has entered into an agreement to sell DirectAsia ("the Business"), its business operations in Singapore and Thailand predominantly providing motor insurance, to Ignite Thailand Holdings Limited, the parent of the Roojai group of companies. The transaction is subject to customary conditions and regulatory approvals and is expected to complete by the end of 2023.
Hiscox's 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 maximise value for shareholders.
ENDS
For further information
Investors and analysts
Yana O'Sullivan, Director of Investor Relations, London +44 (0)20 3321 5598
Marc Wetherhill, Group Company Secretary, Bermuda +1 441 278 8300
Media
Tom Burns, Brunswick +44 (0)20 7404 5959
Simone Selzer, Brunswick +44 (0)20 7404 5959
Notes to editors
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance products in commercial and personal lines. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
About DirectAsia
DirectAsia was founded in Singapore in 2010 and launched into Thailand in 2013. Its primary business is motor, one of the few non-discretionary insurances in Asia. DirectAsia has a strong business model, operating through a number of distribution channels, and uses market leading rating mechanisms. In 2022 DirectAsia had gross written premiums of $52.5 million (under IFRS 4).
About Roojai, part of Ignite Thailand Holdings Limited
Roojai is a specialist investor in financial services start-ups. It aims to stimulate growth in digitally-focussed opportunities in fast growing markets.