Hiscox Group completes sale of Hong Kong division of DirectAsia to Well Link
Hiscox Group now focusing future growth strategy of DirectAsia on Singapore and Thailand
Hamilton, Bermuda (31 August 2016) - Hiscox, the global specialist insurance group, has today completed the sale of the Hong Kong division of its DirectAsia business to Well Link Group Holdings Limited, having received regulatory approval from the Office of the Commissioner of Insurance (OCI) in Hong Kong.
The business will continue to operate under the DirectAsia brand in Hong Kong for a transitional period of up to 12 months.
As announced in March, the transaction will allow Hiscox to focus the future growth of DirectAsia on its operations in Singapore and Thailand where it sees strong potential.
For further information please contact:
Kylie O'Connor +44 (0) 20 7448 6656 [email protected]
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. It's a long-standing strategy which in 2015 helped generate gross premiums written of £1,944.2 million and a profit before tax of £216.1 million.
The Hiscox Group employs over 2,200 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re.
Our values define our business, with a focus on people, quality, courage and excellence in execution. 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.
DirectAsia is a direct to consumer insurance company with a presence in Singapore and Thailand. It was established in 2010 in Singapore before expanding into Hong Kong in 2012 (exiting in 2016 with news of this disposal to Well Link) and Thailand in 2013. Its primary business is motor insurance, one of the few non-discretionary insurance purchases in Asia, with ancillary lines in travel and healthcare. Including Hong Kong pre-disposal, it has over 75,000 customers and employs around 200 people across its three operations.
For further information, visit www.directasia.com.
About Well Link Group Holdings Limited
Well Link Group Holdings Limited is a member of a Hong Kong based financial conglomerate with interests in securities and futures brokerage, asset management, corporate and customer finance and insurance broking.
This information is provided by RNS