DirectAsia sold to UK-listed insurance group for US$55m

[Sci10213]

SINGAPORE: DirectAsia, a fast-growing Singapore firm that specialises in selling motor insurance policies online, has been acquired by London-listed insurance group Hiscox for US$55 million.

 

DirectAsia was founded in Singapore in 2010. It launched in Hong Kong in 2012 and Thailand in 2013.

Its primary business is motor insurance, with ancillary lines in travel, personal accident, healthcare and life insurance.

DirectAsia employs 140 people and had gross written premiums of US$25.3 million last year, Hiscox said in a press statement.

 

"DirectAsia complements our direct-to-consumer businesses in Europe and the US, and in time, we will use it to distribute Hiscox products," Hiscox said.

 

The UK-listed insurance group said it has gotten the Monetary Authority of Singapore's approval for its purchase of DirectAsia.

 

The acquisition is, however, still subject to approval from regulators in Hong Kong, Bermuda, the UK and Thailand.

 

- CNA/nd

..........................................................................................................................

SO what will happen to policyholders and their claims???

[inlinesix]

 

SINGAPORE: DirectAsia, a fast-growing Singapore firm that specialises in selling motor insurance policies online, has been acquired by London-listed insurance group Hiscox for US$55 million.

 

DirectAsia was founded in Singapore in 2010. It launched in Hong Kong in 2012 and Thailand in 2013.

Its primary business is motor insurance, with ancillary lines in travel, personal accident, healthcare and life insurance.

DirectAsia employs 140 people and had gross written premiums of US$25.3 million last year, Hiscox said in a press statement.

 

"DirectAsia complements our direct-to-consumer businesses in Europe and the US, and in time, we will use it to distribute Hiscox products," Hiscox said.

 

The UK-listed insurance group said it has gotten the Monetary Authority of Singapore's approval for its purchase of DirectAsia.

 

The acquisition is, however, still subject to approval from regulators in Hong Kong, Bermuda, the UK and Thailand.

 

- CNA/nd

 

..........................................................................................................................

 

SO what will happen to policyholders and their claims???

 

 

Only the shareholder change. What's to worry.

 

[Directasia]

Hi Davidtch and Sci10213, I just noticed your posts here. From our side (DirectAsia.com) it's really business as usual for us in many ways. We still remain as DirectAsia.com with a high degree of autonomy. As we are a relatively new company we have been looking for further investment to help us grow the services we can provide. Hiscox have come in because they recognise the value in what we are doing, and how we are changing the way insurance is sold in Singapore (and HK and Thailand). We've also got exactly the same values as them - really centred around customers (rather than agent centric), and really totally dedicated to customer service. As such, they don't want to drastically change us as what we are doing is working really well, based on our rapid growth, the really high satisfaction ratings we consistently receive, numerous positive reviews and testimonials, and our renewals rate. Something in there must be right. So in that sense we will proceed as we were with what has made us so different.

 

However, they bring more capital, and they have extensive expertise too. So ultimately this will enable us to push forward even further, and provide even better deals on insurance to our customers. I'm sure there will be even more innovation in the future. It's kinda DirectAsia.com just with more power behind it ... so in all ways we'll be pushing forward. No worries for any customer in all this - on the contrary - we're looking forward to great things in the future that will help them.

If you wanted to read the press release it's here

 

I think things are going to get really interesting for insurance in Singapore .... all of which is aimed at helping our customers and creating even better products and deals for them.

 

have a nice evening .....

 

 

Only the shareholder change. What's to worry.

 

[Christan]

upz for response to queries, good customer service. Just took up your motor insurance last month.

[Directasia]

Thanks Christan for this :-)

In case it is of interest to all, we've a blog post from our Chairman giving his personal view on the Hiscox deal

 

have a nice evening ....

 

upz for response to queries, good customer service. Just took up your motor insurance last month.

 

[Sci10213]

 

Only the shareholder change. What's to worry.

 

 

Well, either I'm paranoid/pessimitic OR you are in your "own" world.

 

Look around you in the corporate world.... which organization does not change after being acquired?

[inlinesix]

 

Well, either I'm paranoid/pessimitic OR you are in your "own" world.

 

Look around you in the corporate world.... which organization does not change after being acquired?

 

Sadly, i am in THE industry.

 

Hiscox is a member of lloyd's syndicate whereby DA is a retail centric business. Since current management is well versed with Singapore mkt, it is very likely Hiscox will leave them on their own for the time being.

 

 

[WTF]

if worry, just change insurer when one's expires.......not that you have to stick to one for life though.

 

there's so many M&As these days, just get use to it lah....