Hiscox Ltd, which purchased with great ambition DIRECT ASIA 2 years ago announced on Thursday said it will look to grow DirectAsia's operations in Singapore and Thailand, yet will sell off its unit in HK to Well Link Group Holdings Ltd.
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DirectAsia, primarily a motor insurer, was established in 2010 in Singapore before expanding into Hong Kong in 2012 and Thailand in 2013. Including the Hong Kong operations, the company has over 75,000 customers and employs around 200 people.
The Hong Kong division generated USD8.0 million of gross written premium in 2015, has 29,000 customers, and employs 40 people.
Hiscox said that Well Link Group Holdings is backed by an investor group with interests in insurance broking, corporate and customer finance, securities and futures brokerage, and asset management. It provided no financial details about the disposal agreement.
"The Hong Kong division of DirectAsia is a business with a great team and a distinctive business model, which has grown its premium income strongly since launch. However the focus for DirectAsia is on our core Singapore and Thailand markets where we see significant growth opportunities, and this transaction allows us to focus our energy and investment on those markets," Bob Thaker, managing director, DirectAsia Group, said.
Matthias de Ferrieres has more than 15 years experience in the insurance industry in Asia.