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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???