Hiscox proclaims sale | Insurance Business America

International specialist insurer Hiscox is promoting its enterprise operations in Singapore and Thailand.

In a London Stock Exchange submitting, the Bermuda-headquartered group cited an settlement with Ignite Thailand Holdings Limited for the sale of DirectAsia. Financial phrases of the pending transaction weren’t disclosed.

Founded in Singapore in 2010 and launched into Thailand in 2013, DirectAsia focuses on motor insurance coverage. Its gross written premium in 2022 stood at $52.5 million.

Lifting the lid on the divestment, Hiscox mentioned: “[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 circumstances and regulatory approvals, the sale is anticipated to finish by the tip of the 12 months.

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