Divestment of DirectAsia

Hiscox Ltd

27 September 2023

 

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 [phone]

Marc Wetherhill, Group Company Secretary, Bermuda [phone]

Media

Tom Burns, Brunswick [phone]

Simone Selzer, Brunswick [phone]

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.

 

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