Deal with Hannover Re triggers management reshuffle at HDI Global

European industrial lines insurer  HDI Global SE is reshuffling its board of management following the  acquisition of Hannover Re’s 49.8 percent stake in their joint venture HDI Global Specialty SE. The move will see the departure of a senior executive who helped grow the profitability of its international business.

HDI Global Specialty was formed in 2019 as a joint venture between Hannover Re and HDI Global SE. It currently generates approximately €2.5 billion in premiums and aims to lift this figure to €3.7 billion by 2025.

As from January 1, 2022, HDI Global Specialty will be a wholly-owned subsidiary of HDI Global SE.

The new appointments to its board of management, subject to approval from the German supervisory authority BaFin, will include David Hullin taking over the international markets, Claire McDonald appointed as chief underwriting officer for property lines, Ralph Beutter responsible for specialty business, and Yves Betz leaving the group to take on a new challenge outside of Talanx Group.

McDonald and Beutter will join the board on January 1. McDonald will be responsible as CUO for the property, engineering and marine portfolios, as well as HDI Risk Consulting, while Beutter as CEO of HDI Global Specialty SE will be responsible for its specialty business.

McDonald is currently the managing director of HDI Global SE’s UK and Ireland branches. She has steered the branch through Brexit and implemented the reorganisation and restructuring of the local portfolio. Prior to that, she was with the Allianz Group for over 30 years in a variety of underwriting and operations roles latterly as global head of operations at Allianz Global Corporate & Specialty SE.

Beutter has many years’ experience of industrial insurance and the reinsurance business. He has worked as an underwriter at the Talanx Group since 1987, occupying a number of management positions at Hannover Re since 1994. He was named CEO of Inter Hannover (International Insurance Company of Hannover SE) in 2015 and has been CEO of HDI Global Specialty SE since 2019.

Additionally, Hullin, who has been responsible on the board of management for the property classes, will take over the management of the company’s international markets together with Jens Wohlthat.

Mukadder Erdönmez will take over responsibility for the motor fleet business in addition to third-party liability and cyber insurance.

Betz, who is currently responsible for Europe (without Germany), Americas and Global Marketing, will leave the company for “personal reasons” to take up a new professional challenge, HDI said.

Torsten Leue, chairman of Talanx AG’s board of management and supervisory board chairman at HDI Global SE, thanked Betz for his “considerable contribution to growing HDI Global’s profitability of the international business”.

Edgar Puls, who is responsible for industrial lines on the Talanx Group’s board of management and chairs the board of management of HDI Global SE, added: “It has been a great pleasure to work with Yves Betz over the past years. In addition to his operational successes, he has made clear contributions to HDI Global’s strategy and to enhancing its culture. I would like to wish him all the best for the future.”

Commenting on the management changes, Leue said: “I am delighted that two outstanding executives are joining HDI Global’s Board of Management in the form of Claire McDonald and Ralph Beutter. They will help achieve the goals we have set for our industrial insurance business. I also wish David Hullin and Mukadder Erdönmez every success in their new roles.”

Puls concluded: “I am delighted that I will be working even more closely with Claire McDonald und Ralph Beutter in the future. And I am looking forward to seeing David Hullin and Mukadder Erdönmez continue their successful work in their new roles. Together, we will maintain the company’s profitable growth trajectory.”

HDI plans to make further announcements in the near future with regard to the leadership of HDI Global UK and Ireland, which in the meantime will remain under the leadership of McDonald.

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