HDI Global has opened a representative office in Seoul, Korea, as part of its strategy to grow its presence in the Asia-Pacific region.
The Seoul team will manage local relationships, while core processes such as underwriting and claims will remain with the Hong Kong branch, the commercial and speciality insurer said in a media release on Monday. The business added that the move supports its focus on profitable growth and segment targeting, with an emphasis on ESG liability, renewable energy, and infrastructure.
As part of the strategic move, Ki Hyung Jo has joined HDI Global as market lead for Korea, bringing 25 years of local insurance experience and strong links with brokers, clients, and cedents.
“The opening of our representative office in Seoul is a significant milestone for HDI Global,” says Michael Ahn, CEO of HDI Global Hong Kong. “This presence will enable all our stakeholders to benefit from HDI’s capabilities as we strive to add real value to our partners’ business, whether supporting Korean companies in their domestic market or accompanying them on their international journey, leveraging our own global network and experience,” Ahn adds.
Korea’s P&C insurance market has a total market size of about US$93bn and HDI Global said that, along with access to its broad product portfolio and expertise, Korean clients will also soon gain access to new market-specific speciality solutions, including event-cancellation cover for large K-pop events and surety solutions for Korean contractors working overseas.
“By establishing local proximity and an access point to HDI Global’s worldwide capabilities, we deepen relationships with our partners and accelerate the delivery of bespoke solutions for the specific needs of Korea’s economy – at home and internationally,” David Hullin, member of the HDI Global Executive Board, said. “I am very pleased that, with Ki Hyung Jo, we have secured a capable and highly regarded industry expert driving our ambitious growth plans in the region,” Hullin added.
The move is the latest in a series of developments in Asia by the insurer, including key personnel appointments in the region. Earlier this month, the business announced it had named Hiro Yamasaki as its new managing director for Japan. While in December, HDI said that it had hired Peter Schraa to lead its Singapore marine unit as part of its Southeast Asia push.
