Hiscox Ltd Divestment of DirectAsia (7534N)
27 Settembre 2023 - 8:00AM
UK Regulatory
TIDMHSX
RNS Number : 7534N
Hiscox Ltd
27 September 2023
Hiscox Ltd divestment of DirectAsia
Hamilton, Bermuda (27 September 2023) - Hiscox Ltd (LSE:HSX),
the international specialist insurer, today announces that the
Group has entered into an agreement to sell DirectAsia ("the
Business"), its business operations in Singapore and Thailand
predominantly providing motor insurance, to Ignite Thailand
Holdings Limited, 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.
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.
ENDS
For further information
Investors and analysts
Yana O'Sullivan, Director of Investor Relations, London +44
(0)20 3321 5598
Marc Wetherhill, Group Company Secretary, Bermuda +1 441 278
8300
Media
Tom Burns, Brunswick +44 (0)20 7404 5959
Simone Selzer, Brunswick +44 (0)20 7404 5959
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.
The Hiscox Group employs over 3,000 people in 14 countries, and
has customers worldwide. Through the retail businesses in the UK,
Europe, Asia and the USA, we offer a range of specialist insurance
products in commercial and personal lines. Internationally traded,
bigger ticket business and reinsurance is underwritten through
Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, courage,
ownership and integrity. 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 .
About DirectAsia
DirectAsia was founded in Singapore in 2010 and launched into
Thailand in 2013. Its primary business is motor, one of the few
non-discretionary insurances in Asia. DirectAsia has a strong
business model, operating through a number of distribution
channels, and uses market leading rating mechanisms. In 2022
DirectAsia had gross written premiums of $52.5 million (under IFRS
4).
About Roojai, part of Ignite Thailand Holdings Limited
Roojai is a specialist investor in financial services start-ups.
It aims to stimulate growth in digitally-focussed opportunities in
fast growing markets.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DISFFFVLALIRFIV
(END) Dow Jones Newswires
September 27, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Hiscox (LSE:HSX)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Hiscox (LSE:HSX)
Storico
Da Mag 2023 a Mag 2024