HDInsights November 2024 Ed.14 HDI Asia Pacific and Middle East Newsletter
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November 2024 | edition 14 4 6 7 8 9 11 12 15 16 18 19 24 Foreword - Stefan Feldmann Hello from Hong Kong - Daniel Lau Hello from Singapore - Alex Tarantino Hello from Dubai - Willem van Wyk Why is Australia key to HDI's global expansion? HDI Global welcomes new Cyber Underwriting Manager for Asia Pacific Insurer’s unique corporate culture fuels success HDI Global announces new Hong Kong branch CEO and Director HDI Global strengthens HDI Risk Consulting leadership team with new Managing Director Be prepared - wildfires/bushfires US Trends and International Programmes Professional Indemnity (and E&O) Contents
Across the Asia Pacific our Singapore office has achieved some notable wins, in particular our Engineering team leading a significant local infrastructure project. A testament to the quality of our local technical expertise that is well supported by our risk engineers working closely with clients on risk quality with a partnership approach to loss mitigation strategies that is always well received. New Managing Director Alex Tarantino who assumed his new role in July has travelled extensively over his introductory quarter to meet our many business partners across the region and will be sure to continue to lead the team to further success. In Hong Kong we are pleased to have recently announced the appointment of new Managing Director Michael Ahn who joins us from SCOR. We are delighted Daniel Lau will continue with HDI to help grow our International Programme portfolio in the region leveraging his extensive networks to raise awareness of our capability in this capacity. A successful Q3 I am pleased to present you with the highlights and successes over the past few months in this Edition 14 of our HDInsights Newsletter. It has been a busy and exciting time for the HDI team across the Asia Pacific and now of course in the Middle East, filled with initiatives that showcase our commitment to fostering relationships and producing strong financial results. HDI Continues to Grow I’m incredibly proud of our HDI Global team who continue to grow our local business and build new relationships in our insurance community. We are always looking for new opportunities to expand our products to support the market and are delighted to introduce our new Cyber line. Natalie Miladinski joined us in June to establish our Cyber product offering here in the Asia Pacific. She has spent the last quarter working closely with our home office tailoring our Cyber offer for our local market and introducing this to our broker partners. We are delighted to have her wealth of knowledge and experience on the team. You can read on about our new Cyber Underwriting manager on page 11. We are also expanding our local footprint with our new office in Adelaide productively writing business for clients in property, motor and soon liability. Our financial lines underwriter and local underwriter in Auckland, Richard Upton, is leading our portfolio growth for the specialty business in New Zealand. Stefan Feldmann, Head of HDI Global Asia-Pacific Managing Director HDI Global SE, Australia Managing Director HDI Global Specialty SE, Australia and New Zealand Foreword HDInsights edition 14 | page 4 Image: HDI Sydney team at the 2024 ‘Wandertag’ in front of the Sydney Harbour Bridge.
Stefan Feldmann Head of HDI Global Asia-Pacific Managing Director, HDI Global SE, Australia Managing Director HDI Global Specialty SE - Australia & New Zealand HDI Community In August, we celebrated Wellness Month with a range of interactive competitions and events to spark conversations about the importance of our physical and mental wellbeing. A brave team from our Sydney office challenged their fitness by participating in the City2Surf, trekking 14km to Bondi Beach. Connecting to our German roots, we also hosted our ‘Wandertag’, translating to ‘Hiking Day’ as each office took the time to explore their local areas while boosting their heart rate and making meaningful conversation. To learn more about our unique activities, you can read about our corporate culture on Page 12. Our team have also raised their heart rates and funds in support of our broker charity events. The Aon Golf Day was filled with cheers and sportsmanship as our HDI representatives connected while fundraising for Beacon Foundation. In Brisbane, our Queensland team enjoyed the BMS Touch Football competition. While not only a successful day on the field, HDI placing a respectable second, the teams came together to raise funds for the Leukemia Foundation. In Sydney our HDI team represented at the annual Marsh Trivia night with funds raised for CanToo for cancer research. We hope you enjoy this issue and as always, please reach out to the team with your questions and any ways we can improve and better serve you and your clients. HDInsight LIVE We are delighted to share the highlights of our recent HDInsight LIVE online seminars in this issue. In August, we heard from our Professional Lines and Liability experts as we explored the topics of Professional Indemnity and Errors and Omissions. On page 24, learn about what is PI and who needs this type of cover? In September, we unpacked the current US Trends and the impact on International Programmes, along with increasing interest in IPs in Asia. You can hear more from our HDInsight panel from United States, Singapore, and Australia on page 19. HDI Events It has been a busy few months spending time with our valued brokers and clients. In August, we celebrated our growth and business partnerships at our annual HDI Winter Forum. It was delightful to spend time with our guest and agency partners at our Thredbo retreat. We were gifted with great weather, plenty of snow and quality time on the slopes. HDInsight Edition 10 - page 3 Foreword The Pacific Airshow on the Gold Coast also provided an excellent opportunity for our Queensland and northern region team to engage with brokers, foster relationships, and discuss upcoming prospects. In Melbourne the YIPS Christmas in July event and the Claims Connect event were also a resounding success. The claims appreciation event is an excellent platform for recognizing the important work our claims partners do for our business and fostering relationships with key brokers in the region. We were pleased to support the Aon Leadership & Growth Conference in August. This year with the theme 'Go Further Faster, Better Decisions for Clients,' we celebrated our shared purpose and ambitions. The InsureTech Conference in August was another milestone industry event, highlighting the role of technology. David Lloyd, our Regional Claims Manager Asia Pacific, made notable contributions emphasising the importance of maintaining the human touch while embracing advancements. His insights resonated with attendees and showcased HDI as a relationship-focused insurer. Image: HDI team and guests at the 2024 HDI Winter Forum HDInsights edition 14 | page 5 Image: HDI Team Queensland at the Touch Football competition.
As I reflect on my 20-years as CEO of the Hong Kong branch and 30 years with the HDI Group, I am excited to embark on a new role as Director of the Asia Pacific Network. This transition allows me to leverage my extensive experience and deep technical knowledge of the insurance industry to drive growth in our International Programmes. I am thrilled to welcome Michael Ahn as the new Head of HDI Hong Kong, I am confident that he will effectively drive strategic growth in our Hong Kong branch and expand our portfolio across the region. Together, Michael Ahn and I will work collaboratively to ensure a seamless transition and continue our commitment to delivering exceptional service to our clients in Hong Kong and the broader Asia Pacific region, please read more on page 9. The Hong Kong team recently concluded an exceptional experience at the East Asian Insurance Conference. Our participation in this esteemed event allowed us to connect with industry leaders, engage in insightful sessions, and showcase our latest innovations. The discussions surrounding digital transformation and customer-centric strategies were especially inspiring, reinforcing the importance of staying at the forefront of industry advancements. We are excited to implement new ideas and innovations that will enhance our services and drive the insurance industry forward. HDInsight Edition 10 - page 3 Hello from Hong Kong Daniel Lau, Managing Director HDI Global SE, Hong Kong Hello from Hong Kong HDInsight Edit on 10 - page 5 Daniel Lau Managing Director HDI Global Hong Kong Kind regards, HDInsights edition 14 | page 6 Image: Members of Lujiazui Forum, including team HDI Hong Kong, Shanghai I extend my heartfelt gratitude to everyone who contributed to the success of this event. Your support and dedication are greatly appreciated. Together, we will continue to deliver exceptional service and navigate the exciting opportunities that lie ahead. I am grateful for the trust and support I have received throughout my journey with HDI, and I look forward to this new chapter of driving growth and success in our International Programmes.
HDInsight Edition 10 - page 3 Hello from Singapore Alex Tarantino, Managing Director HDI Global SE, Singapore HDInsight Edit on 10 - page 5 It is with great enthusiasm and pride that we share the recent achievements of HDI Global Singapore. The third quarter of 2024 brought us positive financial results. Notably, the Singapore team played a significant role in our success, delivering across both existing and new lines of business. It has also been a catalyst for driving energy transition projects in the region. The branch's contributions have bolstered our presence in the multinational industrial insurance market, aligning to the objectives of the Talanx Group. This was enhanced by the rollout our International Programme Masterclasses, led by Rinnah Roque our Regional Service Delivery Manager, to showcase our expertise to broker partners and key industry executives. These events are valuable platforms to share our knowledge and offer insights on the trends and challenges faced by the insurance industry and supported by our HDInsights LIVE series (see page 19). Looking ahead, we are optimistic. Market support for our Political Risk and Credit specialty product has been particularly encouraging as well as recent success in our Engineering line of business to secure a lead position on a major infrastructure project in Thailand. We are thrilled about our growing market share with our representative offices in Malaysia and Thailand. Our commitment to providing new capacity for addressing complex risks is also reflected in the appointment of a new Regional Cyber Manager, Natalie Miladinski. In addition to our financial accomplishments, we have continued to promote our underwriting capabilities by sharing HDI’s expertise at conferences. As sponsors of the Pan Asia Risk and Insurance Management (PARIMA) conference in Mumbai we were able to demonstrate our dedication to supporting Risk Managers and foster dialogue in the region. We were also pleased to participate in other events including: Malaysian Association of Risks and Insurance Management (MARIM) The Asia Power Forum Aon Insight Series TXF Exports and Project Finance Conference. Alex Tarantino Managing Director HDI Global Singapore On a personal note it has been rewarding to have the opportunity to meet and listen to our core brokers and clients across the region from India to Indonesia and the warm welcome I have received. It was a pleasure in July to host our Board Member, David Hullin, and engage in collaborative and insightful meetings with the leadership teams of our broking partners. It was also great to have Rafael Rebitzky, Chief Underwriting Officer for HDI Specialty lines spend time with us in Singapore as we look to see how we can support our clients with new products. As we continue this journey of growth and success, we remain grounded in our values of transparency, engagement, collaboration, and trust. It is through the collective effort of our passionate team that we can build a vibrant and diverse culture at HDI Global Singapore. We are dedicated to embracing new opportunities, innovating across our service offerings, and maintaining our commitment to excellence. I extend my gratitude to my colleagues and network for their warm welcome into my new role. Together, we will continue to transform HDI Global Singapore into a valued partner for all our clients. Thank you for your ongoing support and contributions. Hello from Singapore Image: HDI Global SE Singapore team for the Data Quality Rally Kind regards,
HDI Global “officially” opened its new office in Dubai hosting Brokers, Cedants, and clients at a welcoming function in October, marking an exciting milestone for the company’s expansion into the Middle East. The new licence for a local operation in the DIFC allows us to bring our global financial strength and technical expertise closer to clients across the region. Already we have received strong support from the local insurance community and have bound over $2 million in local business in both our Property and Engineering lines. With access to the HDI Global network across 175 countries, we are also liaising with a local broker on how we can support their client with an International Programme and captives. The positive feedback from the local market is that it is an opportune time for HDI Global to enter the market with significant investments made into the region, particularly in renewable energy. They also recognise the enhanced security that a strong-rated insurer like HDI Global provides. HDInsight Edition 10 - page 3 Hello from Dubai Willem van Wyk, Senior Executive Officer HDI Global SE, Dubai HDInsight Edit on 10 - page 5 Willem van Wyk Senior Executive Officer HDI Global Dubai Our vision is to become one of the most successful (re)insurers in the region within 5 years so we are working very hard to establish HDI as a strong brand, and to bring thought leadership and skills to support the evolving industries. As a startup we are relying on so many parts of the HDI group to support us and we are very thankful for the efforts of many in helping us shape this business. It has been wonderful to welcome our colleagues from home office and other branches who have visited to help us connect to the vast knowledge, processes and systems available within HDI Global to support our insurance business partners. Thank you all for your time and guidance so far. Our thanks also to the local insurance community for their warm welcome. At the time of writing this, we have just hosted our first celebration which was extremely well attended and a great success. More about that in the next edition. We hope you enjoy this issue where there is much to learn from our global experts. Please do reach out to myself, and our local team Riziq Ishaq and John Morrell to further discuss topics of interest and opportunities you may have. Warm regards, HDInsights edition 14 | page 8 Hello from Dubai Image: Cicek Karavul-Duyar, Joerg Eickstädt, Riziq Ishaq and Willem van Wyk in Dubai
Asia Expansion Van Wyk said the Dubai operation is a key part of HDI’s wider expansion plans across Asia. He said that operation is linked to Australia because that’s where a “growth mindset” was fostered by HDI’s board, with a focus on innovation and proactivity “The culture that we created in Australia, I think, is quite unique,” he said. He said this is part of HDI evolving into a strong global insurer to “better serve our markets”. Insurance opportunities in Property and Renewables Van Wyk said HDI’s initial insurance focus areas in Dubai will be property, engineering and construction business. The Saudi Vision 2030 plan, according to news reports, is seeing hundreds of billions of dollars invested in megaprojects. One of the most emblematic and controversial is probably NEOM, a city and economic zone being built in the desert. HDI executives told Insurance Business that Dubai’s Sydney orientation is part of HDI’s wider strategy to evolve into a more globally focused insurer. The new office in the Middle East is overseen by Stefan Feldmann, head of HDI Global Asia-Pacific. Feldmann runs HDI’s operation across Asia-Pacific, including in Australia, New Zealand, Singapore and Hong Kong. Willem van Wyk, is senior executive officer of the firm’s new Dubai office. Van Wyk is a former Allianz CEO with more than two decades of insurance industry experience in the UAE and other Middle East and North Africa (MENA) countries. The vast MENA region encompasses nations as diverse as Saudi Arabia, Israel, Malta and Morocco. Why is Australia key to HDI's global expansion? Why is Australia key to HDI's global expansion? In July, HDI Global SE (HDI) announced the opening of a new office in Dubai. HDI is a giant, worldwide commercial and specialty lines insurer, traditionally focused on Europe and headquartered in Hannover. This German city is closer to the United Arab Emirates (UAE) than Sydney and yet the Dubai announcement was made from the NSW capital. “If you look at the growth and the investment that’s happening, not just here [in the UAE], but also across the region, and especially in Saudi Arabia and through its modernization program – there are a significant construction projects in the pipeline.” Willem van Wyk Senior Executive Officer and Director, Middle East HDI Global (DIFC) Ltd (regulated by DFSA) HDInsights edition 14 | page 9 Why manage Dubai from Australia? Feldmann said the main reason HDI’s Australia operation is overseeing the Dubai expansion is because Australia has experience setting up new operations and a culture suited to new ventures. For example, he said, HDI’s division Down Under supported the establishment of the firm’s Singapore operation and continues to oversee it. “The board has recognized that we are in a good position to support these units with our expertise, mindset and proximity, so in collaboration with Singapore they felt we are better suited than if this was run out of the home office function [Hannover headquarters],” said Feldmann. The new Dubai branch, he said, is an MGA of the Singapore operation. HDI has also made its Australia operation, said Feldmann, a referral desk for Dubai’s property and engineering projects because of the considerable size of its “authority levels.” First published on Insurance Business, 17 October 2024
HDI has a long history as a specialist insurer of construction and engineering projects. In recent years, in Australia and across Asia-Pacific, the firm has also underwritten dozens of construction projects for renewables. Van Wyk said considerable international capital is going into renewable energy projects across the UAE, Saudi Arabia and other parts of the region. Can HDI help steer MENA countries to more renewables? HDI pitches itself as an innovator in the renewables space with offerings that include advanced data analytics and climate modelling. It could help steer Dubai’s sustainability efforts. Regardless, many economic leaders in the United States and Europe see enormous financial opportunities across this region. “Economically, the growth rate here is solid and often higher than what we find in developed countries,” said Van Wyk. HDInsight Edition 10 - page 19 HDInsights edition 14 | page 10 A growing reinsurance market With that growth, he sees considerable insurance opportunities. Over the next decade Van Wyk expects the region to grow in global importance as a reinsurance market. He attributed this, in part, to the Dubai International Financial Centre (DIFC), a special economic free zone that acts as a financial hub, he said, for companies operating across the Middle East, Africa and South Asia. “Our focus will be mostly on the Middle East business but the DIFC is becoming a real reinsurers’ hub for business beyond this as well,” said Van Wyk. Why is Australia key to HDI's global expansion? The Dubai Clean Energy Strategy, according to its website, aims to produce 75% of its energy requirements from clean sources by 2050. A recent National Geographic case study, The World’s Most Improbably Green City, found that Dubai is making some progress towards sustainability despite being heavily dependent on oil and gas exports. However, the UAE pursues a policy of actively boosting both fossil fuel production and clean energy simultaneously and was caught making oil deals at last year’s COP28 Summit. Contact - HDI Willem van Wyk Senior Executive Officer and Director, Middle East P: +971 50 5528707 Willem.vanWyk@hdi.global Riziq Ishaq Head of Property & Deputy SEO, Middle East P: +971 551097413 Riziq.Ishaq@hdi.global John Morrell Head of Engineering Underwriting, Middle East P: +971 50 245 5297 John.Morrell@hdi.global Please contact our HDI Team with questions
Contact - HDI HDI Global SE, Australia is pleased to welcome the appointment of Natalie Miladinski as the newly established Cyber Underwriting Manager, Asia Pacific. The role will see Natalie responsible for the establishment of the Cyber presence here in Australia, along with growth and development of the portfolio across the region. Natalie has almost a decade of experience in Cyber Insurance and is well respected in the market. Prior to joining HDI, she exercised her leadership skills and expertise as a Cyber & Technology Practice leader at a global carrier. HDI Global welcomes new Cyber Underwriting Manager for Asia Pacific HDI Global SE, Australia appoints Natalie Miladinski as Cyber Underwriting Manager, Asia Pacific, based in Sydney. HDI Global welcomes new Cyber Underwriting Manager to Australian Branch HDInsights edition 14 | page 11 “We are thrilled to announce the appointment of Natalie Miladinski as the new Head of Cyber for Australia and APAC. With an impressive track record in cyber leadership and a proven commitment to fostering growth and innovation, we will continue to focus on the dynamic landscape of Australia and the broader APAC region.” Alex Tarantino Managing Director HDI Global SE, Singapore “With her expertise in navigating the complexities of cyber risk, Natalie will tailor solutions and strategic insights that will strengthen our HDI product offering. Her commitment to understanding the unique challenges of our clients aligns with our mission to deliver exceptional service and protection and we’re delighted to welcome her to the team.” Stefan Feldmann Head of HDI Global Asia-Pacific Managing Director, HDI Global SE, Australia and HDI Global Specialty SE - Australia & New Zealand Natalie Miladinski Cyber Underwriting Manager, Asia Pacific HDI Global, Australia P: +61 406 864 939 Natalie.Miladinski@hdi.global Learn more about our Cyber Underwriting capabilities here
Our brokers still rave about our COVID activities, as it made them feel seen and connected during those difficult times. It was these small, thoughtful gestures that made a massive difference to many of our business partners. We truly care about the people we deal with and how we make them feel, as much as the quality of products and service we deliver. The standout event was a cooking class led by Colin Fassnidge, the renowned Irish-Australian chef from ‘My Kitchen Rules’ and more recently presenter on ‘Better Homes and Gardens’. Streaming from his home kitchen the atmosphere was electric, with laughter and conversation flowing freely. Our team sent out ingredient boxes to our employees, brokers, and clients, and stayed online after, chatting and sharing stories. The impact was profound; as one individual expressed, “You truly saved us during COVID. People still talk about it.” That’s the power of meaningful connection and community, even in the face of adversity. Insurer’s unique corporate culture fuels success Interestingly, company culture is not always explicit; rather, it’s something that evolves over time, shaped by the personalities and traits of the people who make up an organisation. And we know it’s not an abstract concept – corporate culture can make or break the success of a company, impacting not only its financial fortunes but also the well-being and satisfaction of its employees. At HDI Global, our mission goes beyond mere words – we’re committed to fostering genuine partnerships and embodying the philosophy of being a ‘relationship insurer’. For us, it’s about translating these ideals into tangible actions and experiences. We measure our success constantly via feedback. Like the other day, a broker described us as ‘refreshingly different’, which truly resonates with our approach. Cultural Integrity Maintaining a start-up mentality, despite our growth to over 200 employees across Australia and New Zealand, is crucial to us. This ethos emanates from our headquarters in Germany, where a Culture Summit is set to take place in September, right across our global organisation reinforcing our commitment to this ethos. Our board also prioritise ‘Culture as Strategy’ for our management group around the world, knowing the difference it can make on performance. The seeds of many of our local innovative initiatives were sown during the challenges of the Covid-19 pandemic. In our efforts to stay connected to our broker and business partners, we emerged as a beacon in the industry. From virtual wine tastings and online cooking classes, to espresso Martini cocktail-making and even a magician workshop for the kids, we sought to bring a sense of connection and joy during uncertain times. Australian insurer’s unique corporate culture fuels success HDInsights edition 14 | page 12 A company’s culture is the heartbeat of a workplace. It’s the unique blend of values, beliefs and behaviours that shape how we, as employees, connect, perform and navigate business. HDI Global’s Mr Stefan Feldmann shares how he is shaping a culture as a relationship insurer to excel in business dealings. First published on Asia Insurance Review, September 2024 Image: HDI Global entertained brokers during covid
Business Engagement During those challenging times, we felt a responsibility to extend our support to fellow Australian businesses grappling with hardships. Recognising the struggles faced by local winemakers amidst the pandemic and the complexities of the Chinese-Australian trade tensions, we made a conscious decision to purchase 2,000 bottles of wine directly from an Australian vineyard. We labelled each bottle as ‘HDI Hard Market Shiraz’, a tongue-in-cheek due to the upswing in the insurance market cycle that saw premiums increasing. Witnessing brokers embracing this gesture further affirmed our belief in the power of community and compassion. Caring for clients and brokers during COVID became our True North. Corporate Insurance business is a team sport and the team got really fired up coming up with creative ideas and bringing them to life. It also created an amazing vibe in our team. As the pandemic gradually receded and normalcy tiptoed back into our lives, we found ourselves pondering: “How can we preserve this spirit within our workplace?” This coincided with our office relocation to a vibrant open-plan space on Martin Place in the heart of Sydney. Here we are accessible to all, fostering an environment where everyone feels approachable. Our new Sydney office boasts an inviting kitchen adorned with cozy booths, a haven where colleagues can gather, share stories, and even indulge in a refreshing beverage during our quarterly happy hours with brokers. This space isn’t just for us though – it’s an open invitation extended to our brokers and clients, reinforcing the sense of belonging and camaraderie we’ve cultivated. It’s a philosophy we extend to the design of our other offices in Melbourne, Brisbane, Perth, Adelaide and Auckland. HDInsight Edition 10 - page 19 HDInsights edition 14 | page 13 Australian insurer’s unique corporate culture fuels success “Client centricity is at the heart of how HDI turn up. HDI have built great breadth of product and capability, but the difference is in their genuine interest in how they can lean in and support clients where they need it most. They have managed to break down the barriers between products where others have struggled, and their market management team are truly empowered to represent the underwriting teams in front of clients. All of this leads to trust between all parties and allows the foundation for relationships that deliver mutual benefit for all.” Ben Rolfe Head of Commercial Risk, Australia Aon “Coles Group is a long-time partner with HDI on many various classes of insurance, creating a wholistic approach to risk transfer. They work well to listen to our issues, where we have exposures, and how current policies can be evolved. This renewal we sat with them and discussed what additional information they required around flood to help their underwriting position and for them to understand our risk mitigation better. The collaborative approach, along with our Brokers Marsh, worked seamlessly providing a solution at renewal which all parties were comfortable with. We not only have access to Stefan and the whole team in Australia but have been hosted in Hannover several times with the ELT and board, creating a stronger relationship all around. This human side to the business is what has kept the insurance industry going for more than 100 years, solidifying trust, strong communication, and a drive to support each other in the good times and the bad.” Melinda Morgan General Insurance Manager Coles Image: HDI Global Melbourne team embrace some competitive spirit
Melinda Morgan General Insurance Manager Coles While we have a long history as an industrial and corporate insurer, as we grow further into the midmarket segment, expanding our reach and impact, preserving these values remains paramount. As a partner in transformation, we recognise that our world is changing rapidly, and we encourage a culture of communication so we can support each other through the transition. It’s not just about business growth; it’s about nurturing relationships, fostering resilience, and being a relationship insurer in all that we do. Staying connected Additionally, initiatives like ‘Good-News-Friday’ our monthly internal newsletter offer moments of shared joy, celebrating both personal and professional triumphs across our local branches and offices including Australia, Singapore, Hong Kong and also now Dubai, keeping us all connected. We also still embrace the German culture while bonding as a team incorporating ‘Wandertag’ into offices, where we venture out with colleagues through our local cities, engaging in meaningful conversation with our peers. Embracing the ethos of care and community, we’ve introduced wellness weeks, ramped up our involvement in charitable endeavours supporting mental health and local grassroots initiatives. We also host a range of events with our broker partners now we can all meet again. One of the highlights is our annual broker ‘Winter Forum’ we started in 2021. Hosted in regional New South Wales at Thredbo ski resort, this event is a unique opportunity for our team to strengthen relationships with brokers while enjoying some exercise and fun on the ski slopes. It’s great to experience the physical challenge together as well as getting to know each other, how we work, what’s new. It helps us focus on where we are now, but also where we are going, together. This connection and sense of community also helped support us when we experienced a tragic loss within our team. In honouring the memory of a young colleague who passed away unexpectedly, we established an award in his name, recognising and celebrating the achievements of young high performers based on the qualities he was so remembered for. We invited all our team to nominate a colleague and were heartened by the response. Working closely with the family of our former colleague to shortlist eleven inspiring team members for this award, and the winner received support to grow and develop in the way we know our former colleague would have as a valued member of our organisation and the insurance community. HDInsight Edition 10 - page 19 HDInsights edition 14 | page 14 Australian insurer’s unique corporate culture fuels success Please contact our HDI Team with questions
“I am personally looking forward to working closely with Michael Ahn, as we embark on this new chapter for our business in Asia Pacific together. Michael’s fresh perspective and vast experience will further strengthen our position in the industry. “At the same time, we extend our deepest gratitude to Daniel for his exceptional leadership and dedication during his tenure. His tireless commitment has left a lasting impact on the company, and we are incredibly thankful for his contributions. I am delighted that Daniel will stay on and continue to share his experiences and grow our International Programme capability.” Stefan Feldmann Head of HDI Global Asia-Pacific Managing Director HDI Global SE, Australia Managing Director HDI Global Specialty SE - Australia & New Zealand "These appointments are in line with our HDI Global strategy for the region and Michael Ahn as CEO will bring new insights and really drive our growth aspirations. As Director Asia Pacific Network, Daniel Lau will share our leading International Programme capability with his extensive networks. The Asia Pacific region is important to the HDI group and we are pleased with the opportunity to invest in local expertise.” David Hullin Member of the HDI Global SE Executive Board, responsible for region Europe (without Germany), Americas, Asean, South Africa and Middle East Michael Ahn brings over 31 years insurance industry experience in leadership roles to HDI when he assumes the role effective from 1 November 2024. Formerly Head of Business Solutions Asia Pacific at SCOR, Mr Ahn has a proven record of performance and a deep understanding of the Asia Pacific insurance market including extensive experience in commercial and specialty single risk lines and facultative reinsurance. He will be responsible for driving strategic growth of the Hong Kong branch office and expanding the portfolio across the region. Daniel Lau meanwhile moves to new role as Director Asia Pacific Network. He has 20 years’ experience as CEO of the Hong Kong branch, and 30 years with the HDI group. As CEO he has built a successful business servicing Hong Kong, China, Taiwan and South Korea insurance markets. In his new role, Daniel will bring his deep technical and local insurance knowledge to drive growth in International Programmes. “Over my 30 years with HDI, I am extremely proud of the successful business we have built in Hong Kong and the great culture we’ve created as a team. I’m looking forward to this new opportunity and working with Michael Ahn on the next chapter of growth for HDI as a Partner in Transformation with our Insurance community,” says Lau. HDI Global announces new Hong Kong branch CEO and Director HDI Global announces the appointment of Michael Ahn as CEO HDI Global SE Hong Kong. While Daniel Lau moves to new role as Director Asia Pacific Network. HDI Global announces new Hong Kong branch CEO and Director HDInsights edition 14 | page 15 "I am excited to join the HDI team who are well known to clients and brokers as reliable partner of choice for large corporate risks. To seek profitable growth in the competitive markets of North Asia, we will look for technical segments where HDI’s expertise could differentiate us from competitors and seek optimal deployment of our capacities.” Michael Ahn CEO HDI Global SE Hong Kong
HDI Global strengthens HDI Risk Consulting leadership team with new Managing Director HDI Global announces the appointment of Philipp Glanz as Managing Director with Dr Jörg Ohlsen for the global HDI Risk Consulting group. In addition, Jamie Haider is promoted to Risk Engineering Manager, Australasia for HDI Global as of 1 October 2024. As always, the new appointment is subject to approval by the relevant local authorities. Philipp Glanz has been with HDI for two decades, serving since 2015 as Risk Engineering Manager Asia Pacific and Middle East located in Sydney. As he takes up his new role, he will continue to work from Sydney, emphasizing the status of HDI Global as global player. third of our book.” HDI Global announces new country manager for HDI Risk Consulting HDInsights edition 14 | page 16 “At HDI Global, we focus on understanding our clients' risks and their specific needs when it comes to managing these risks. Our experts from HDI Risk Consulting allow us to address these needs and serve them effectively with appropriate solutions. Philipp Glanz's extensive industry experience will be vital in further strengthening our client relations and innovating risk solutions for our clients. I wish him all the best in his new role. At the same time, I would like to thank Glenn van Mele for his service and commitment as part of the HRC executive team. I am pleased that Glenn will continue to work for HRC as regional manager and risk engineer and that we will thus be able to draw on his extensive expertise in the future.” Dr Dirk Höring Member of the HDI Global SE Executive Board, responsible for Property Insurance, Engineering Insurance, Marine Insurance, HDI Risk Consulting “I welcome Philipp to this new leadership role and look forward to the collaboration as we mark a new phase for HDI Risk Consulting. Challenging, but even more exciting times lie ahead of us. One important step HRC is taking is to introduce AIdriven risk engineering solutions to stay in tune with the technological developments in the industry sector.” Dr Jörg Ohlsen Managing Director HDI Risk Consulting HDI Global “Over my 20 years with HDI, I've come to appreciate the importance of continual innovation as a keystone to deliver our clients exceptional risk engineering products. We now have a great opportunity to bring together our global expertise and our ambition to be a service champion.” Philipp Glanz Managing Director HDI Risk Consulting and Risk Engineering Manager, Asia Pacific HDI Global SE HRC brings together more than 200 engineers and risk specialists to service clients of HDI Global worldwide with their extensive expertise in electrical engineering, construction, mechanical engineering, vehicle manufacturing and other industrial disciplines. In drawing upon the strong leadership skills and combined expertise of Dr Jörg Ohlsen and Philipp Glanz, it is the aim of HDI Risk Consulting to deliver entirely client-oriented, comprehensive, and efficient services. “Our clients are in transformation. No matter if it is the transformation to a carbon-free world, increased digitalisation, autonomous vehicles or the energy transition as well as the need for climate risk prevention in general, companies are facing huge challenges which are often accompanied by new risks”, says Höring and continues: “At HDI Global, we want to be the Partner in Transformation for our clients and we very much appreciate their continued trust. Our experts at HDI Risk Consulting are constantly working to be at the forefront of technological transfer and thus understand these new risks of our clients in order to constructively advise and support them on their transformation path.”
Jamie Haider has been with HDI for almost a decade serving clients from the Melbourne office since 2015. He conducts risk engineering services for a range of large industrial lead companies including Mining, Power Generation and Steel industry clients. Internally Jamie leads the HRC expert team for mining globally and on a recent secondment to home office contributed to the team developing the new HDI ‘Risk Hub’ tool. Prior to HDI, Jamie worked in the UK conducting risk surveys for clients across the Europe, Middle East and Africa region. As always, the new appointments are subject to approval by the relevant local authorities. Contact - HDI HDInsight Edition 10 - page 19 HDInsights edition 14 | page 17 HDI Global announces new country manager for HDI Risk Consulting “I’m very excited to take on greater responsibilities and lead the HRC Australia Team. With my previous experience in leading the Southern Region HRC team in Australia, combined with many years risk engineering experience both locally and globally, I believe I am well-equipped to empower our local risk engineering team. I am incredibly fortunate to work with a team of talented and motivated individuals, and look forward to leveraging their strengths and expertise to provide the best service possible to our clients. “On a personal note, I deeply appreciate Philipp Glanz, whose exceptional leadership has built a remarkable team in Australia over the past decade, and whose mentorship has been invaluable to my career progression within HDI Global. Together as a team, we are excited to strengthen HRC Australia's position as the market leader in risk engineering.” Jamie Haider Risk Engineering Manager, Australasia HDI Global SE, Australia “Our Risk Engineers form a core part of our value proposition for HDI Global and we are delighted to draw on the talent within our team as we celebrate these promotions. This is a strong acknowledgement of Philipp Glanz for his leadership and the technical excellence he has grown with our team of 30 risk engineers across Australia and the Asia Pacific. Jamie Haider is also well-known for his expertise in his field and highly respected by our partners and continues to evolve in response to the diverse and specific risk needs of our clients.” Stefan Feldmann Head of HDI Global Asia-Pacific Managing Director, HDI Global SE, Australia and HDI Global Specialty SE - Australia & New Zealand Jamie has performed exceptionally well over the past decade. He is very well connected with the market and possesses outstanding qualities as a manager and risk engineer. I am happy to have him manage our expanding team of experienced risk engineers in Australia.” Philipp Glanz Managing Director HDI Risk Consulting and Risk Engineering Manager, Asia Pacific HDI Global SE, Australia Philipp Glanz Managing Director HDI Risk Consulting HDI Global, Australia P: +971 50 552 8707 Philipp.Glanz@hdi.global Jamie Haider Risk Engineering Manager, Australasia HDI Global SE, Australia Jamie.Haider@hdi.global Please contact our HDI Team with questions
Contact - HDI The HDI Risk Consulting team share the dangers of wildfires and strategies to manage the risks of these fires. Wildfires near populated areas may increase human mortality and morbidity. Plus, Air pollutants and particles contained in the smoke from wildfires can have a considerable impact on the health of animals and people living in the vicinity of fires. Particulate matter is considered particularly problematic. Sometimes, such areas must be evacuated. Besides that, the impact of wildfires on health can be reduced by implementing appropriate emergency prevention measures, emergency management measures and recovery measures in a sustainable and timely manner. Be prepared - Wildfires / Bushfires HDI Risk Consulting Learn more Philipp Glanz Risk Engineering Manager, Asia Pacific P: +61 498 016 552 Philipp.glanz@hdi.global Please contact our HDI Team with questions Click here to view factsheet. HDInsights edition 14 | page 18
As more and more companies venture overseas, the need for international programme solutions continues to rise. HDI Global has extensive knowledge in this area, however local policy installation in the US remains challenging in the IP sector. Terrence O'Neill and Mario Selent, both Reverse Flow Team Leads for Casualty and Property, respectively, at HDI Global in Chicago, explain how to address these challenges. International programmes (IPs) are cross-border insurance solutions to help clients navigate local compliance requirements and legal systems. To achieve consistent global insurance coverage, HDI international insurance programmes primarily include a master contract in line with the business model for multinational clients. In parallel, local policies are issued ensuring statutory regulations and tax law requirements are complied with in the country. A Greater Challenge: The US Market In the US market, the insurance landscape is unique due to the lack of a central regulatory body; instead, there are individual state insurance departments in the 50 states and the District of Colombia that oversee regulations and handle customer complaints. Each department checks for deviations in policy forms and manages broker appointments to ensure brokers are licensed to operate in their states. HDInsight LIVE online seminar US Trends and International Programmes HDInsights edition 14 | page 19 HDI has been a leader in the IP business for many years, with most of the global programmes produced in Europe, reflecting its German roots. HDI has led 5,100 programmes and issued over 28,500 policies worldwide, with IP accounting for nearly 50% of its commercial business, generating over 1 billion Euros in gross written premiums. The insurer’s network extends to over 175 countries, providing coverage through its branches and with the rest of the world from partner insurers which majority are transacted via hubs in Hong Kong, Mexico, and Germany. HDI’s Regional Service Delivery Manager for Producing Office International Programmes is Rinnah Roque.
Natural hazard exposure is a significant concern in the US, as highlighted by HDI’s hazard risk score map, which shows higher risk areas in major cities. Policies often include specific sub-limits for risks like earthquakes and floods, especially in high-exposure regions. HDI uses an internal tool, Argos, to assess flood zones, but integrating these into US policies can be complex Mr Selent explains. Finally, machinery breakdown insurance, including jurisdictional inspections, is often requested by US clients. While some prefer this coverage as part of their property policy, HDI Global offers it as an additional service, ensuring compliance with established codes and regulations to avoid operational disruptions. Casualty Trends in the US When discussing casualty trends in the US, auto insurance—both primary and excess—stands out. Rates have been steadily increasing since 2009. HDI doesn't rate primary auto in the U.S., instead, the insurer focuses on umbrella and excess policies, where losses have risen since 2011. A 2023 report from the Insurance Information Institute indicates that auto losses are growing faster than the economy, primarily due to social inflation, which has led to larger verdicts. "Nuclear verdicts," defined as those exceeding $10 million, have become more common, particularly in auto cases. These verdicts often reflect juror anger and a desire to hold defendants accountable. New York has specific rules, known as "contract certainty," established after 9/11, requiring insurers to honour quotes made before binding coverage, even if there are delays in issuing policies. Additionally, states require insurers to file rates, and while there’s some flexibility, many states enforce strict adherence to these filings. For example, HDI has maximum fronting limits of US$500 million for Property, US$50 million for Engineering, and US$25 million for Marine, whilst Casualty is a little more flexible depending on the occupancy in class of business, as Terrence O'Neill, Reverse Flow Casualty Lead at HDI Global Insurance Company in Chicago, explains. US brokers play a crucial role by acting as intermediaries to protect clients who may not fully understand their coverage needs. HDInsight Edition 10 - page 21 Admitted vs. non-admitted business is another key topic. Admitted policies must comply with state regulations, while nonadmitted policies offer greater flexibility in pricing and coverage but come with less consumer protection. For instance, HDI Global writes non-admitted lines like cyber insurance to adapt to rapidly changing market conditions. HDInsight LIVE: US Trends & International Programmes “To ensure compliance, we use the Insurance Services Office (ISO), which provides data analytics and standardises forms across the market, helping us maintain uniformity in offerings,” Mr O’Neill said. “HDI operates through two writing companies: HDI Global Insurance Company, which is admitted in all 50 states, and HDI Specialty Insurance Company, our surplus lines carrier.” Terrence O’Neill Casualty Reverse Flow Underwriting Team Lead, Assistant Vice President HDI Global Insurance Co HDInsights edition 14 | page 20
“The frequency and size of these verdicts have surged since COVID-19, driven by jurors' perceptions influenced by high-profile contracts in sports, making large sums relatable,” as Mr O'Neill said. One notable example is the case of Hill v. Ford Motor Company, where the jury awarded $1.7 billion in punitive damages after a tragic rollover accident. Such cases highlight the challenges insurers face as rates and premiums adjust in response to these increasing verdicts. HDInsight Edition 10 - page 21 Ford Motor Co. was hit with a US$1.7 billion punitive verdict in August 2022 over a rollover crash. The verdict capped a 12-day trial over the 2014 deaths of Melvin and Voncile Hill. It came one day after Gwinnett County State Court jurors handed down a $24 million compensatory award for the couple's death, found Ford 70% responsible for the incident, and determined punitives were warranted against the auto giant. The Hills were killed when a tyre on their 2002 Ford Super Duty F-250 Crew Cab pickup truck separated on SR 49 in Americus, Georgia, causing it to roll over and crush the vehicle's roof. The Hill family claimed a dangerously weak roof in the vehicle led to the couple's death in the rollover after the tyre separation. See BREAKING: $1.7B Verdict Handed Down Against Ford in Trial Over Fatal Rollover Crash (cvn.com) HDInsight LIVE: US Trends & International Programmes In the US in 2023, corporate defendants spanning nearly 50 sectors were faced with an enormous US$14.5 billion in "nuclear verdicts" as per an analysis conducted by Marathon Strategies. The median nuclear verdict surged to US$44 million last year, marking a substantial escalation from $21 million observed in 2020, according to Marathon's findings. Among the US states, Missouri, Texas, Pennsylvania, and Washington saw the highest volume of such verdicts in 2023. Notably, Florida, historically prominent in this regard, descended to the seventh position following legislative tort reforms enacted by Governor Ron DeSantis in March 2023. Increase in Complexity In recent years, placing business in the US has become even more complex due to the Base Erosion and AntiAbuse Tax (BEAT), introduced in the 2017 tax reform. This tax aims to prevent corporations from avoiding domestic tax liabilities by shifting profits abroad. Before 2018, HDI Australia could bind an international programme with a US policy, collecting premiums in the US and transferring them back to Australia. Now, this practice would incur a BEAT of 10%, rising to 12.5% next year. “We've adapted our processes by setting up local treaties and ceeding reinsurance shares directly from the US,” Mario Selent, Reverse Flow Property Leader at HDI Global in Chicago, explains. The BEAT is essentially a 10 percent minimum tax that is meant to prevent foreign and domestic corporations operating in the United States from avoiding domestic tax liability by shifting profits out of the United States. What is umbrella coverage? Umbrella coverage typically covers auto liability, general liability, and employer’s liability, but auto policies often have occurrence limits without aggregation. This means multiple claims can exhaust the limit in a year, which can affect the umbrella. In international programmes, where the umbrella is aggregated, it’s essential to set the correct limits and pricing to ensure comprehensive protection. Owned autos are vehicles registered to the insured, while hired (non-owned) autos are those leased, rented, or borrowed—like an employee renting a car for business travel. Non-owned autos refer to instances where employees use their personal vehicles for work, such as salespeople or vendors. Another frequently discussed topic is the Terrorism Risk Insurance Act (TRIA), established after 9/11 allowing the federal government to share monetary losses with insurers on commercial property/casualty losses due to a terrorist attack. Initially temporary, TRIA is now valid until the end of 2027 and requires US insurers to offer coverage for certified acts of terrorism, regardless of client interest, but it does not require insureds to purchase it. This can create challenges if late instructions are received after a policy's inception.
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