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 new office will be led by Ki Hyung Jo, a Korea-based insurance executive with 25 years of market experience. The team on the ground will manage relationships with brokers, clients and cedents in Korea, while core functions such as underwriting and claims will continue to be handled by HDI Global’s Hong Kong branch.
The move gives HDI a direct presence in one of Asia’s largest property and casualty insurance markets. Korea’s non-life insurance sector has an estimated total market size of about €80bn (US$93.5bn), placing it among the region’s most significant markets by premium volume.
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.
“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.
“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.
