HDI Global said it is expanding its operation to include clients in the mid-market segment that have turnover of between €20 million ($21.3 million) and €500 million.
The industrial insurer is committed to the middle market in both liability and property complementing other lines, it said in a statement. Following a long-term partnership approach to large industrial clients worldwide, HDI Global said it is expanding its services to include mid-market clients.
The insurer said it now offers domestic and international solutions for mid-market clients and a commitment to mid-market brokers.
HDI Global’s mid-market initiative focuses on markets, including Belgium, Netherlands, France, Italy, Spain, Denmark and the United Kingdom as well as Canada, Mexico and Australia, a spokesperson said in an email to BestWire.
“In all those markets we are already active in the middle market segment, but now our efforts are significantly strengthened on both strategic and operational levels,” the spokesperson said. He said business in Denmark and Mexico is less-developed.
“The mid-market approach focuses mostly on liability and property complementing other lines of business,” he said.
The mid-market segment has a range of industries including services within real estate, hospitality, offices, machinery manufacturers, breweries, scientific and technical services, retail, merchandise and consumer goods, HDI Global said.
With the strategic focus and internal processes in place, “our partners within the mid-market segment can focus on their core business and entrepreneurial opportunities instead of the risks that come along the way,” David Hullin, member of the HDI Global executive board responsible for Europe (without Germany), Americas, Association of Southeast Asian Nations, South Africa and Middle East, said in a statement.
Hullin noted HDI Global’s position as a partner in transformation for clients in the mid-market segment worldwide.
The insurer’s focus on mid-market partnerships “comes as a natural in times of accelerated transformation for many companies,” Mukadder Erdönmez, member of the HDI Global executive board responsible for third-party liability, cyber insurance and motor, said in a statement.
Erdönmez said HDI Global has already been offering services to mid-market clients, “but with recent developments, the focus has strengthened. The key regions of focus include Europe, Australia, Canada and Mexico, ensuring that clients across these areas can benefit from HDI Global’s expertise and own global network in more than 175 countries.”
HDI Global Specialty earlier acquired a majority stake in managing general agency Falcon Risk Holdings LLC from investor Griffin Highline, seeking growth in the U.S. market. Parent HDI Global SE plans to move quickly to first offer surety and fidelity in the United States.
Underwriting entities of HDI V.a.G. have current Best’s Financial Strength Ratings of A+ (Superior), A- (Excellent) and B++ (Good).