HDI Global SE, the insurance provider, is expanding its footprint in Dubai as it receives a regulatory licence from the Dubai Financial Services Authority (DFSA).
The new licence will grant HDI Global an office in the Dubai International Financial Center (DIFC) and allow it to better serve clients in the Middle East. Its plans in the Middle East will get underway in the third quarter of 2024. Initially, HDI Global will offer engineering, construction and property insurance products.
Riziq Ishaq, head of property and deputy senior executive, HDI Global
Riziq Ishaq has been appointed to lead the property underwriting line, and John Morrell will lead construction and engineering.
Ishaq brings over 20 years of experience in the insurance industry, having worked with companies like Allianz, Zurich, and IGI. He has a proven track record in running profitable portfolios and possesses strong business development skills. With extensive expertise in portfolio steering and risk management, Ishaq’s professional history with direct, regional, and international insurance and reinsurance companies has equipped him with a vast network of relationships and significant underwriting expertise across the region.
John Morrell, underwriting manager engineering, Northern Region, HDI Global
John Morrell, currently underwriting manager engineering, Northern Region, in the Australian branch of HDI Global relocated to Dubai end of June. He joined HDI Global in 2017 following his earlier engineering career and brings a background in managing large-scale infrastructure projects and a deep understanding of technical and industry requirements.
Other functions and underwriting lines of business including liability and marine will be provided via HDI Singapore office, with the vision to transition to a fully integrated business in the medium term.
Going forward under new leadership
In line with the expansion and licence, HDI Global will also be appointing a new managing director to oversee progress in the region. Willem van Wyk, brings over three decades of global insurance industry experience including senior leadership roles in the Middle East market and beyond.
Willem van Wyk, managing director, HDI Global
Joining HDI Global in 2020, van Wyk is currently regional market manager ASEAN and Australasia. In this role, he has contributed to significant profitable growth in the Asia Pacific portfolio working closely with teams in Australia, New Zealand, Singapore and Hong Kong branch offices.
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.
Exploring the role Ishaq and Morrell will have initially, van Wyk said: “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”
Logical expansion
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. Especially as we look to strengthen our relationships with brokers and clients by providing solutions through a local team of underwriters. A team led by Willem van Wyk who has many years’ experience in the market”, says David Hullin, member of the HDI Global board of management with responsibility for the international business.
“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.”
Arif Amiri, chief executive officer of DIFC Authority
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.”
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