Hiscox acquires its first Asian business
Hiscox has reached an agreement with Whittington Group, the Singapore-headquartered insurance services and investment business, to acquire its direct-to-consumer online operation DirectAsia.
DirectAsia will be Hiscox’s first business in Asia, and builds on its other direct-to-consumer operations in Europe and the US.
DirectAsia was founded in Singapore in 2010 and launched into Hong Kong in 2012 and Thailand in 2013. Its primary business is motor, one of the few non-discretionary forms of insurance in Asia, with ancillary lines in travel, personal accident, healthcare and life.
It has over 54,000 customers, employs 140 people across the three locations in which it operates and in 2013 had gross written premiums of $25.3 million.
Bronek Masojada, CEO of Hiscox, said: “DirectAsia is a challenger brand with real potential. It gives Hiscox a 21st century distribution platform in Asia that leapfrogs traditional routes to market. DirectAsia complements our direct-to-consumer businesses in Europe and the US, and in time, we will use it to distribute Hiscox products.”
Anthony Hobrow, CEO of Whittington Group, said: “We have developed a successful entrepreneurial business, taking on the global giants with traditional distribution models. We are very pleased that we have been able to pass this unique platform to Hiscox who can supply expertise, capital and a strong customer focussed culture to help us further develop and grow the business.”
The business will continue to operate under the DirectAsia brand and with the existing local management team, which will be led by Steve Langan, MD of Hiscox UK and Europe and now CEO of DirectAsia Group.
The acquisition has been approved by the Monetary Authority of Singapore and is subject to regulatory approval from the Office of the Commissioner of Insurance (OCI) in Hong Kong.
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