HDI Global Specialty has promoted Richard Upton (pictured) to branch manager and head of financial lines in New Zealand, effective April 1, 2026, as the carrier implements its locally led specialty strategy in the market. Upton joined HDI Global Specialty in May 2024 as head of financial lines for New Zealand. In his expanded role, Upton will take responsibility for the overall branch while retaining oversight of the financial lines portfolio. He reports to Stefan Feldmann, head of HDI Global Asia-Pacific and managing director of HDI Global and HDI Global Specialty for Australia and New Zealand.
“Richard's promotion is a natural progression. Since joining HGS, he has demonstrated exactly the qualities we need: technical excellence, strong broker relationships, and a clear-eyed understanding of where the market opportunities lie,” Feldmann said. Upton’s responsibilities include setting and executing New Zealand market strategy, managing broker and corporate client relationships, overseeing operational and regulatory requirements, and building the local team. He will work with underwriting, claims, and risk engineering teams to provide specialty products and services to New Zealand-based clients.
Before joining HDI Global Specialty, Upton was New Zealand financial lines and casualty underwriting manager at Zurich New Zealand and previously held roles in the London market. His experience spans directors and officers liability, professional indemnity, cyber and casualty insurance, reinsurance, and claims. He holds a Bachelor of Commerce in management, marketing, and commercial law from Victoria University of Wellington. “I'm genuinely excited about what we can build here. New Zealand is a sophisticated market, and there is real appetite for the kind of deep specialty expertise that HDI Global is uniquely positioned to provide,” Upton said.
HDI Global Specialty obtained its New Zealand license in 2021 and has been expanding its local presence and product range. The business is targeting growth in financial lines, professional indemnity, aviation, accident and health, contingency, and crisis management, with a focus on corporate and mid-market buyers. The insurer also acts as a capacity provider to underwriting agencies and broking partners through delegated authority and other arrangements, writing complex or non-standard risks that may not fit packaged offerings from general insurers.
For Upton, distribution relationships are a key part of the New Zealand plan. “My focus will be on building trusted, long-term partnerships with our brokers and clients and on establishing HDI Global as a reliable and genuinely local presence in this market. We have the global capacity and the specialist expertise – now it’s about making that real for New Zealand businesses,” Upton said. Feldmann said New Zealand has a defined role in the group’s regional footprint. “New Zealand is an important and growing part of our Asia-Pacific strategy. With Richard at the helm, I have no doubt we will accelerate our ambitions,” Feldmann said.
The leadership change comes as conditions in key specialty classes continue to moderate globally, a factor for New Zealand insurers and intermediaries negotiating renewals. According to Marsh’s Global Insurance Market Index, commercial insurance rates declined 4% globally in the fourth quarter of 2025 (Q4 2025), marking a sixth consecutive quarter of average rate reductions. Financial and professional lines rates fell 4% worldwide, with decreases across all regions except the US, where rates were flat. Cyber insurance rates decreased 7% globally. Property rates declined 9% globally, with the Pacific region – including New Zealand – recording the largest average reduction at 14%. Other regions saw property rate decreases ranging from 5% to 12%. Casualty results differed, with global casualty rates rising 4%, led by a 9% increase in the US. Latin America and the Caribbean were flat, while other regions recorded decreases of between 1% and 9%.
