In June 2010, we celebrated the birth of DirectAsia.com with the belief that we could change forever the way insurance is bought and sold in Asia. Out with agents and commission arrangements, in with straight forward, value for money, 24/7 service via internet and call centre. Lower costs to deliver better value!
To continue our exciting and pioneering ambition to become a pan-Asian business we needed more financial firepower than our current shareholders could supply. Our success has caught the eye of many insurance groups around the world and, whilst our door has been open to suitors, we are choosy people! We wanted only a new partner or owner with the same shared values and the capital strength and know-how to help us expand and provide increased security for our policyholders and staff.
We have just announced that Hiscox Insurance Group will become our new owners, and I truly cannot think of a better parent for DirectAsia.com. I have known the CEO personally for 20 years and have worked with Hiscox in London. They have a great reputation for integrity and innovation, and are respected by both their customers and peers alike.
Hiscox has a market capitalisation of over US$2 billion, and they have substantial experience in direct insurance. This will be their first business in Asia, so they are hugely enthusiastic about growing the DirectAsia.com business. DirectAsia.com can now move forward with the increased confidence of substantial new investment and funding, and the resources to continue to improve and expand our products and services to the insurance buyers in Singapore, Hong Kong, Thailand and beyond.
The management team and staff in DirectAsia.com remain committed to our purpose but now have the invigorating prospect of being able to offer our policyholders world class security and continuity backed by a highly respected publicly quoted insurance group.The future will be even more exciting than our past!