HDI Global SE has opened a representative office in Seoul, adding a local presence in North Asia and a point of contact in one of the region’s largest property and casualty insurance (P&C) markets. The Seoul office will operate alongside the insurer’s existing Asia-Pacific hub in Hong Kong and is intended to bring the company closer to Korean brokers, cedents, and corporate buyers. HDI Global views Korea, with an estimated P&C market size of around EUR 80 billion, as an important market for its corporate and specialty business in the region.
The new office is part of HDI Global’s plan to expand in markets where it expects demand for large commercial and specialty cover. The company has identified ESG (environmental, social, and governance) liability, renewable energy, and infrastructure as key lines it aims to develop in Korea, citing interest from domestic corporates and Korean-headquartered multinationals. “Korea is a logical next step in our growth agenda. We want to act as clients’ and brokers’ preferred partner in transformation – thinking globally and acting locally. 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,” said David Hullin, member of the HDI Global executive board.
HDI Global has appointed Ki Hyung Jo (pictured) as market lead for Korea. Jo has 25 years of experience in the Korean insurance sector, with a background in underwriting and product development and established relationships with brokers, cedents, and corporate accounts. According to the company, the Seoul office will concentrate on client and broker engagement, while underwriting authority and claims handling will continue to be carried out primarily from Hong Kong. The arrangement is designed so that relationship management is handled locally, supported by regional processing and oversight.
Commenting on his appointment, Ki Hyung Jo said: “I am delighted to be joining HDI Global at such an exciting time, as the company pursues ambitious growth objectives. Our local presence in Seoul enables us to support Korean clients closely and on the ground. I look forward to collaborating with our global team – particularly our colleagues in Hong Kong – to deliver seamless, high-quality support to Korean businesses as they navigate their transformation journey.” Hullin said Jo’s appointment is central to the insurer’s plans in Korea. “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,” he said.
HDI Global intends to introduce its product suite in Korea gradually, with an initial focus on specialty lines that reflect local risk profiles and Korean firms’ international activities. The insurer plans to make its broader corporate and specialty portfolio available to Korean market participants over time, with attention to coverages that support cross-border business. Illustrative products include event-cancellation insurance for large K-pop concerts and tours, and surety solutions for Korean contractors working on projects overseas.
These offerings will draw on HDI Global’s wider network, which covers more than 175 countries through branches, subsidiaries, affiliates, and partner companies. The company says its network and international programme capabilities are intended to support Korean corporates with both domestic cover and multinational programmes. Michael Ahn, CEO HDI Global Hong Kong, said the Seoul office is intended to give Korean stakeholders another channel into the group. “The opening of our representative office in Seoul is a significant milestone for HDI Global. 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 said.
The move comes after HDI Global reported higher revenue and earnings for the first nine months of 2025. On a currency-adjusted basis, insurance revenue for the period rose 6% to EUR 7.6 billion from EUR 7.3 billion a year earlier, equivalent to 4% growth in nominal terms. The insurance service result was EUR 638 million, compared with EUR 692 million in the prior-year period. Large loss payments were EUR 314 million, slightly above EUR 313 million a year earlier, and below the pro rata budget of EUR 424 million.
The combined ratio was 91.6%, up from 90.5% in the prior-year period but within the company’s stated full-year expectation of below 92%. The net insurance financial and investment result before currency effects increased to EUR 147 million from EUR 65 million, supported by higher investment volumes and current interest income. Earnings before interest and tax (EBIT) rose 15% to EUR 551 million from EUR 479 million. Return on equity increased to 16.9% from 16.4%, and HDI Global’s contribution to Talanx Group net income grew 13% to EUR 409 million, compared with EUR 362 million in the same period a year earlier.
