Hiscox Ltd., the Bermuda-headquartered specialist insurer, announced it has entered into an agreement to sell DirectAsia, its motor insurance business in Singapore and Thailand, to Ignite Thailand Holdings Ltd., 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. Financial details of the deal were not disclosed.

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.

Source: Hiscox