Hiscox Ltd, the Bermudian-based international specialist insurer, has agreed to sell DirectAsia, its business operations in Singapore and Thailand.

Direct Asia, which predominantly provides motor insurance, is being acquired by Ignite Thailand Holdings Limited, the parent of the Roojai group of companies.

Hiscox said the transaction is subject to customary conditions and regulatory approvals and is expected to complete by the end of 2023.

The company said its decision to divest follows the group's previously announced strategic review of the business as part of its continued active portfolio management and disciplined focus on key markets where it sees the greatest opportunities to maximise value for shareholders.

Hiscox, which is headquartered in Bermuda and listed on the London Stock Exchange, employs more than 3,000 people in 14 countries, and has customers worldwide.

It has retail businesses in Britain, Europe, Asia and the United States, offering a range of specialist insurance products in commercial and personal lines.

Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.

DirectAsia was founded in Singapore in 2010 and launched in Thailand in 2013.

In 2022 DirectAsia had gross written premiums of $52.5 million (under IFRS 4).