Hiscox to sell motor and travel insurer DirectAsia

• Ignite Thailand Holdings has agreed to purchase DirectAsia from Hiscox
• Hiscox said the decision to sell DirectAsia follows a recent strategic review 

Specialist insurer Hiscox has reached a deal to offload its operations in Asia for an undisclosed amount.

Ignite Thailand Holdings, the parent company of online insurer Roojai, has agreed to purchase DirectAsia, which provides motor and travel insurance to customers across Singapore, Thailand and Hong Kong.

DirectAsia became Hiscox’s first Asian business when it was bought nine years ago for $55million (£32.8million) from Whittington Group in order to expand the firm’s direct-to-consumer offering.

Last year, the division wrote $52.5million in gross premiums, a 12.2 per cent increase at constant currency levels on the previous year, as loosening travel restrictions led to a resurgence in motor-related sales.

Hiscox said the…