Well Link Group Holdings Limited Completes the Acquisition of Direct Asia Insurance (Hong Kong) Limited
Press Release | General | 31 August 2016
Well Link Group Holdings Limited, a Hong Kong based company, is pleased to announce that it has obtained the necessary regulatory approval for the acquisition of 100% ownership of Direct Asia Insurance (Hong Kong) Limited [DAIHK] from Direct Asia Insurance (Holdings) Pte Limited (a subsidiary of Hiscox Group). The transaction has successfully completed on 31 August 2016.
Following the change of ownership, David Shi, a renowned general insurance executive in the industry has been appointed as the new Chief Executive of DAIHK. “Our top priority is to ensure that our existing customers will not be affected by this transaction. The business will continue to operate as normal by the same team under the Direct Asia brand name,” stated David Shi. “The acquisition is part of our strategy to establish a financial service platform to meet the diversified insurance and financial service needs of our existing and future customers. We will continue to develop and expand our product ranges, invest in technology innovation and channel diversification to provide customer-focused, high-value insurance services with enriched customer experience.”
As the new CEO of the Company, David brought with him years of industry experience in the market. Prior to joining DAIHK, David has been with various major international insurance groups which have operations in the region. He has also served on the board of the Employees Compensation Insurance Residual Scheme Bureau Limited from 2014 to 2016.
Notes to editors
About Well Link Group Holdings Limited
Well Link Group Holding Limited, a member of a Hong Kong based financial conglomerate with interests in securities and futures brokerages, asset management, corporate and consumer finance.
Direct Asia Insurance (Hong Kong) Limited
Direct Asia Insurance (Hong Kong) Limited is a direct to consumer insurance company established in 2012. The company is serving close to 30,000 customers with Gross Written Premium of HK$63.9million as of 2015. Its primary business is motor insurance, with ancillary lines in travel and healthcare.
Direct Asia Insurance (Hong Kong) Limited:
Kay Lam Tel: 2884-8816 firstname.lastname@example.org