Choice comes following strategic evaluate
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 makes a speciality of motor insurance coverage. Its gross written premium in 2022 stood at $52.5 million.
Lifting the lid on the divestment, Hiscox stated: “[The] resolution to divest follows the group’s beforehand introduced strategic evaluate of the enterprise as a part of its continued energetic portfolio administration and disciplined give attention to key markets the place it sees the best alternatives to maximise worth for shareholders.”
Topic to customary situations and regulatory approvals, the sale is anticipated to finish by the top of the yr.
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