HDI Global SE has announced key leadership changes to bolster its underwriting capabilities in the construction and energy sectors across Southeast Asia and Australasia.
The moves reflect a broader strategy to address growing insurance demand in markets characterised by rapid infrastructure development and energy transition projects.
Haris Michaels (pictured above), previously based in Sydney, will relocate to Singapore in the third quarter to assume a broader regional mandate. He will focus on supporting clients engaged in complex projects across Southeast Asia, particularly in the energy, renewables, and infrastructure segments.
Michaels began his professional career as a project engineer and joined HDI Global in 2013. He most recently led the engineering and construction underwriting team in Australia.
Michaels said the region presents significant growth opportunities in power and energy. He noted that evolving technologies demand nuanced risk understanding from insurers.
“As new technologies reshape the industry, clients need insurance partners who understand both the innovations and the evolving risks. I look forward to contributing my expertise to support clients at the forefront of the energy transition,” he said.
Michaels will report to Mark Mackay, who leads energy and power operations across the MENA and APAC regions.
Mackay described Michaels’s move as aligned with HDI Global’s goal to improve service capabilities for clients navigating technical and emerging risks.
“I am pleased to welcome Haris to the regional team, and with his expertise and experience, I look forward to working with him as we strengthen our service offering to our clients,” he said.
Stevan Bonic (pictured immediately below) will succeed Michaels as underwriting manager for engineering in Australasia.
Bonic, who joined HDI Global SE in 2020, previously held the role of technical underwriting manager and has over a decade of experience in engineering insurance. Prior to joining HDI, he worked on large-scale infrastructure placements, including during his tenure at AIG.
Bonic said he looks forward to leading a team focused on developing technical solutions in a rapidly evolving sector.
“Over the past five years, I’ve had the privilege of contributing to the growth of a stable and diversified engineering portfolio,” he said. “I’m proud to lead a team of exceptionally talented underwriters as we continue delivering innovative solutions in an evolving technological landscape.”
He also acknowledged the mentorship provided by Michaels.
“I’m deeply grateful to Haris Michaels for his invaluable mentorship. I look forward to building on our strong foundations as we embrace the opportunities ahead,” Bonic said.
Stefan Feldmann, head of HDI Global’s Asia-Pacific operations, said the promotions reflect the bench strength within the company’s internal talent pipeline.
“I’m very pleased that we’ve once again been able to fill key leadership positions from within our own ranks. This reflects the depth of talent and experience across our Asia-Pacific team,” he said.
The leadership reshuffle comes amid broader shifts in the global construction landscape.
WTW’s Q1 Global Construction Rate Trend Report highlighted increased activity in data centre developments due to the growing demand for digital infrastructure and artificial intelligence capabilities.
However, construction growth faces headwinds, including widespread labour shortages. In the US alone, the industry is projected to need an additional 500,000 workers to meet rising demand. Similar labour constraints are reported in Europe, Latin America, and parts of Asia.
These shortages are pushing some developers to rely on less experienced labour, raising concerns about construction quality and compliance with safety standards. In response, insurers are adjusting their evaluations of project timelines and cost estimates to more accurately price coverage.
Increased costs for construction materials are contributing to higher insured values, which in turn are affecting premium calculations. Tariffs impacting cross-border material movement are also putting pressure on developers and contractors.
As the construction sector adapts to shifting conditions, detailed risk data and tailored insurance solutions remain critical to underwriting success across all regions.
