Jurisdiction - Singapore
Clyde & Co and Allen & Overy Advises Sale And Acquisition of DirectAsia.

10 March, 2014


Clyde & Co advised Whittington Group Pte. Ltd (WGPL), a Singapore-headquartered insurance services and investment business, on the sale of its direct-to-consumer online operation DirectAsia group. Allen & Overy advised specialist global insurer Hiscox Ltd and its subsidiary, Hiscox plc (Hiscox) on the acquisition of DirectAsia by way of an acquisition of the entire share capital of WGPL’s Direct Asia Insurance (Holdings) Pte. Ltd. (DAIH). Hiscox gave an initial cash sum of US$ 55m and a further amount of deferred consideration subject to certain earn-out provisions over a period of four years. 


The Clyde & Co team was led by partner Ian Stewart, supported by associates Thomas Choo, Kendall Evans and Jen Wei Qi. Meanwhile, the Allen & Overy team was led from Singapore by partner Chris Moore with support from associates James Mythen and Michelle Ho. A&O partner Richard Cranfield provided English law and regulatory advice to Hiscox from London. 


The acquisition has been approved by the Monetary Authority of Singapore and is subject to regulatory approval from the Office of the Commissioner of Insurance in Hong Kong. Other interested parties including the Bermuda Monetary Authority, the Prudential Regulatory Authority and the Financial Conduct Authority in the UK, the Office of Insurance Commission in Thailand, and Lloyd’s of London have also been notified of the transaction. 


This transaction marks the Hiscox group’s entry into the Asia-Pacific market.


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