HDI Global Specialty SE, a new specialty lines insurer launched as a collaborative venture between Hannover Re and HDI Global, commenced underwriting at the beginning of the year with premium volumes in excess of €1 billion.
The insurer was formed after HDI Global and Hannover Re, which are both part of the Talanx Group, announced in May 2018 that they planned to leverage their combined ability to source and underwrite specialty lines insurance business.
HDI Global Specialty now launches writing global specialty lines including accident and health, aviation, cyber, energy, extended warranty, financial and professional lines, legal expense, marine, political violence and political risk, pet and farmpack, and sport, leisure and entertainment risks.
In addition to pursuing organic growth opportunities from these business lines, HDI Global Specialty plans to undertake an active strategy by identifying new teams, portfolios of business, and mergers and acquisitions (M&A).
HDI Global holds a 50.2% stake in the new insurer, while Hannover Re owns 49.8%.
Ralph Beutter, formerly Chief Executive Officer (CEO) of Inter Hannover, assumes the role of CEO of HDI Global Specialty.
“Bringing together our technical underwriting expertise and global footprint provides a strong platform from which to maximise the opportunities that exist within specialty lines,” said Beutter.
“Our values and background mean we are also able to provide certainty and stability as a long-term partner for our clients and offer sustainable products that respond directly to their needs.”
Additionally, Richard Taylor, previously UK Managing Director of HDI Global, has been appointed to the Executive Board of Management as Chief Marketing Officer, reporting to Beutter.
Taylor commented: “This business has been established as a growth engine, leveraging expertise and global distribution with a low cost base; all crucial factors in delivering profitable specialty lines business. We aim to be the platform of choice for the speciality lines market and we are in a strong position to deliver this.”