To target development of the insurance industry in MENA region
Abu Dhabi National Insurance Company (ADNIC) and Talbot Underwriting, wholly owned subsidiary of Bermuda-based Validus Holdings, have entered into an agreement to form a new joint venture company, Underwriting Risk Services (Middle East) or URSME.
URSME has been granted a licence to operate from the Dubai International Financial Centre (DIFC) from where it will serve the entire Middle East North Africa (MENA) region.
As per the joint venture, ADNIC and Talbot have created URSME as a managing general agency based in Dubai. From the DIFC it will be able to offer clients in the MENA region re-insurance services across a number of lines of business. It will assist regional insurers, brokers and corporate customers in addressing their large and complex insurance needs and will be able to provide the expertise to handle specialty risks.
Reportedly, URSME will operate under agency agreements granted by ADNIC and Underwriting Risk Services and binding authorities granted to it by Talbot Syndicate 1183, all subject to Lloyd’s cover holder approval.
Omar Bin Sulaiman, vice-chairman of the UAE Central Bank,Governor of the DIFC and said: Arrival of companies such as Talbot Underwriting and formation of regional joint ventures such as URSME with leading regional players such as ADNIC will add depth and bring new expertise to the market, assisting in the development of the insurance industry in the MENA region, Dr Omar said.
Nicholas Hales, Head of Business Development at Talbot, said: “We are delighted to be entering into this joint venture with ADNIC who are amongst the most highly respected insurers in the region. URSME will be able to offer substantial capacity across a number of business lines. We are excited by the prospects for this office which enables the companies in the Validus Group to expand their products into a new regional market place.”