The companies did not disclose the financial and other terms of the deal.
Established in Singapore in 2010, DirectAsia mainly focuses on delivering motor insurance. Subsequently, the unit was launched in Thailand in 2013.
The unit functions through various distribution channels and leverages key rating approaches.
DirectAsia reported gross written premiums of $52.5m (S$72m) in 2022.
In a stock exchange filing, Hiscox noted that the business disposal is part of its strategy to focus on core markets and its ongoing plan to manage its existing portfolio.
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Hiscox considers these markets as the best prospects for raising value for its shareholders.
The divestment plan was revealed after the company conducted a strategic review of the insurance business in Thailand and Singapore.
Subject to necessary conditions and regulatory approvals, the deal is expected to conclude by the end of this year.
Hiscox’s operations are spread across 14 countries globally.
The insurer delivers various specialist insurance offerings in commercial and personal lines through its retail businesses in regions including the US, UK, Asia and Europe.
In April 2023, Hiscox’s reinsurance and insurance-linked securities arm Hiscox Re & ILS named Minesh Shah as its new director of underwriting risk.
Ignite is the parent company of the Roojai group of companies, which invests in start-ups in the financial services sector.