Clyde & Co advised Whittington Group, the Singapore-headquartered insurance services and investment business, on the sale of its direct-to-consumer online operation DirectAsia to Hiscox plc, a subsidiary of Hiscox Ltd., an international insurance specialist insurance group listed on the London Stock Exchange (LSE:HSX), for a consideration of USD 55 million plus earn out over a period of four years.

DirectAsia's primary business is motor, one of the few non-discretionary insurances in Asia, with ancillary lines in travel, personal accident, healthcare and life. DirectAsia has over 54,000 customers, employs 140 people across the three locations in which it operates and in 2013 had gross written premiums of USD 25.3 million.

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.

The Clyde & Co team was led by partner Ian Stewart, supported by senior associate Thomas Choo and associates Kendall Evans and Jen Wei Qi.