DirectAsia was founded in Singapore in 2010 and launched in Thailand in 2013. Hiscox acquired the online insurer in 2014 for US$55 million, and since then, the company has grown in strength and size. the company now operates through several distribution channels, and using innovative, market-leading rating mechanisms. In 2022, the company also 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.”
Hiscox operations in Asia
According to reports, DirectAsia was Hiscox’s only business in Asia, and it focuses on non-discretionary insurances, such as motor, travel, personal accident, healthcare, and life. The insurer currently also has offices in Burma and Malaysia.
Hiscox has a strong presence in the London Market, and it also has offices in Bermuda, Canada, the United Kingdom, Australia, and New Zealand and also offers a range of specialist insurance products and services to businesses and organizations in the region through its London Market and Bermuda offices.
In August 2023, Hiscox reported that its underwriting profits globally had soared by more than 57% in the first half of 2023.