Hannover, 8 January 2019
HDI Global Specialty SE, the new specialty lines insurer focused on high-margin business has commenced underwriting at the beginning of the year with premium volumes in excess of €1bn and targeting both organic and inorganic growth.
The insurer 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. The company will operate from six of its own offices and throughout the HDI Global SE network in 150 countries.
Alongside organic growth opportunities from these business lines and through access to HDI Global SE's distribution network, HDI Global Specialty SE will pursue an active strategy identifying new teams, portfolios of business and M&A.
Ralph Beutter, formerly Chief Executive Officer (CEO) of Inter Hannover, assumes the role of CEO of HDI Global Specialty SE. Speaking about the launch of the business, Ralph Beutter said: "Bringing together our technical underwriting expertise and global footprint provides a strong platform from which to maximise the opportunities that exist within specialty lines. 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."
Richard Taylor, previously UK Managing Director of HDI Global SE, is appointed to the Executive Board of Management as Chief Marketing Officer, reporting to Ralph Beutter.
Richard 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."
HDI Global Specialty SE was created from the merging of the specialty lines activities of Hannover Re and HDI Global SE. HDI Global SE holds 50.2% of the new company and Hannover Re has 49.8%.