HDI Global receives regulatory licence from DFSA

PHOTO

HDI Global SE has received regulatory licence from Dubai Financial Services Authority (DFSA) to open an office in Dubai.

The new local presence in Dubai International Financial Centre (DIFC) will allow HDI Global to bring its global financial strength and technical expertise closer to clients in the Middle East. The new Dubai office Managing Director, Willem van Wyk, brings over three decades of global insurance industry experience including senior leadership roles in the Middle East market and beyond.

Currently Regional Market Manager ASEAN and Australasia, van Wyk has contributed to the significant profitable growth in the Asia Pacific portfolio working closely with teams in Australia, New Zealand, Singapore and Hong Kong branch offices since joining HDI Global in 2020. Prior to joining the HDI Global team, he held senior positions at AGCS, Marsh and Commercial Union, including as CEO AGCS in Dubai from 2016-17. This followed his previous experience in the Middle East in the insurance industry, living there from 2001-05.

Important player

“The Middle East continues to become a more important player in the global economy. The DIFC is a dynamic marketplace that provides growth opportunities for HDI now and in the future," says van Wyk. “HDI is excited to bring A-rated capacity and a strong underwriting team to support brokers and clients in the DIFC. As a partner in transformation we are confident with our global capabilities and technical expertise that HDI can support our clients in their transition to the economy of the future."

The Dubai office of HDI Global is part of a logical progression of the industrial insurer’s successful business development in the Asia Pacific and Middle East region.

“As part of the overall global vision and APAC growth strategy, Dubai is an exciting opportunity for us to move closer to this expanding market, strengthen our relationships with brokers and clients by providing solutions through a local team of underwriters, led by Willem van Wyk who has many years of experience in the market,” says David Hullin, member of the HDI Global board of management with responsibility for the international business.

He continues: “HDI Global’s move demonstrates our successful business development and supports our global vision to be the Partner in Transformation for our clients. For brokers in the region, they will have local access to a long-term reliable partner with responsive claims, international programmes, and risk consulting capabilities for their clients. I wish Willem and the entire team in Dubai every success."

Largest cluster of insurers

Arif Amiri, Chief Executive Officer of DIFC Authority, remarks: “We welcome HDI Global to DIFC. As the region’s largest financial centre with over 42,000 people, DIFC continues to enhance its ecosystem for the sector. With its 20-year strong track-record of servicing people and businesses in the region, the Centre is home to the largest cluster of over 100 registered insurers, reinsurers, captives and insurance-related entities who are utilising our platform to achieve their growth ambitions. Our world-class laws and regulations enable these companies to confidently operate in the jurisdiction, capture new growth opportunities, and collectively contribute to driving the future of finance.”

HDI Global plans to commence its operations from DIFC in the third quarter of 2024 and will initially offer engineering, construction and property insurance products. Riziq Ishaq has been appointed to lead the property underwriting line, and John Morrell will lead construction and engineering.

In line with the appointed underwriters, the focus will initially be the provision of Property and Engineering insurance solutions. As the business grows, additional lines of cover will be offered as part of the portfolio in Dubai. "Our clear goal will be to offer our clients and business partners innovative solutions, capital strength, stability, technical expertise, and reliable service – whether they operate internationally or solely in the Middle East. Thanks to our global network, we enable clients and brokers to operate worldwide with compliance and confidence,” says van Wyk.