Hiscox has 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.
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.