Hiscox acquires online motor insurance firm in Singapore

3rd Mar 2014 07:47

Specialist insurer Hiscox has acquired DirectAsia, the direct-to-consumer online operation owned by Whittington Group. DirectAsia, which was founded in Singapore in 2010, is focused on motor but also has ancillary lines in travel, personal accident, healthcare and life.It has over 54,000 customers, employs 140 people across Singapore, Hong Kong and Thailand, and last year had gross written premiums of $25.3m. Hiscox Chief Executive Bronek Masojada 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."NR