Global law firm Clyde & Co has advised Direct Asia Insurance (Holdings) Pte Limited, a Singaporean subsidiary of the Hiscox Group, on the sale of the Hong Kong division of its DirectAsia business to Well Link Group Holdings Limited, following regulatory approval from the Office of the Commissioner of Insurance (OCI) in Hong Kong.

The Clyde & Co team advising Hiscox was led by Counsel Kevin Martin with support from Singapore Partner Ian Stewart and the transaction team included lawyers Gillian Morrissey and Wei Qi Jen.

Kevin Martin said of the deal: "We are delighted to have advised long-time client DirectAsia on the sale of its Hong Kong division. We continue to see increasing levels of interest in the fast-growing Asian insurance sector, and we expect that this will translate into further M&A activity in the region throughout the rest of 2016, from both existing market participants and new entrants."