HDI Global Canada managing director takes on wider remit

HDI Global Canada managing director takes on wider remit | Insurance Business Canada

Insurance News

HDI Global Canada managing director takes on wider remit

Overall MD calls the change “a significant progression”

Insurance News

By
Terry Gangcuangco

Klaus Navarrete (pictured above), who has served as managing director of HDI Global Canada since 2013, will continue in his current role while taking on full responsibility for the insurer’s commercial and specialty segments.

Derek Spafford, managing director of HDI Global Specialty Canada, will transition to head of specialty lines and delegated authority. Under Navarrete’s leadership as overall Canadian MD, Spafford will continue to grow the Canadian specialty portfolio.

“This step represents a significant progression for HDI in Canada, enabling us to combine the strengths of commercial and specialty business sectors even more,” Navarrete said. “I sincerely appreciate the trust HDI has placed in me and am pleased that our customers and associates can continue to benefit from Derek’s vast acuity in the specialty business sector. This setup empowers us to provide comprehensive services for brokers and clients, serving as their trusted and preferred partner in transformation.”

“I am thrilled to continue on the ongoing journey that began in 2019 with the establishment of HDI Global Specialty,” Spafford said. “Given our commitment to providing seamless service to clients and brokers at HDI, it is only natural to integrate our operations now further in Canada, bringing them even closer together.”

HDI Global Specialty was originally a specialty lines joint venture between sister companies Hannover Re and HDI Global. It became fully owned by HDI Global at the end of 2021.

In May, HDI Global reported what it described as a good first three months of 2024. The industrial insurer, which leads more than 5,100 international programs, saw an increase in insurance revenue in Q1 to €2.3 billion.

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