Hiscox broadcasts sale | Insurance coverage Enterprise America

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

In a London Inventory Change submitting, the Bermuda-headquartered group cited an settlement with Ignite Thailand Holdings Restricted for the sale of DirectAsia. Monetary phrases of the pending transaction weren’t disclosed.

Based 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 stated: “[The] determination to divest follows the group’s beforehand introduced strategic evaluation of the enterprise as a part of its continued lively portfolio administration and disciplined deal with key markets the place it sees the best alternatives to maximise worth for shareholders.”

Topic to customary situations and regulatory approvals, the sale is predicted to finish by the top of the yr.

What do you consider this story? Share your ideas within the feedback under.