Underwriting Risk Services (Middle East) Limited, or URSME, a new joint venture company set up to target the Middle East North Africa (MENA) region, formed of the Abu Dhabi National Insurance Company (ADNIC) and Talbot Underwriting – has been granted a license to operate from the Dubai International Financial Centre.
Talbot Underwriting is a wholly owned subsidiary of Bermuda-based Validus Holdings, which operates in the Lloyd's of London Insurance Market, focusing on a number of specialty risks. ADNIC, formed in 1972, is a public shareholding company incorporated in Abu Dhabi, which currently provides insurance in the region.
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.
URSME will operate under agency agreements granted by ADNIC and Underwriting Risk Services Limited and binding authorities granted to it by Talbot Syndicate 1183, all subject to Lloyds cover holder approval.
Omar Bin Sulaiman, Governor of the DIFC and Vice-Chairman of the UAE Central Bank, stated: "Though the MENA region's insurance and reinsurance market has picked up substantially in recent years, in per capita terms it is still way below the averages of developed markets. Our efforts have been directed towards bringing our region in line with leading economies.”
"The 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.”
Walid Sidani, CEO of ADNIC, commented: “We are excited about the business opportunities that this joint venture with Talbot Holdings offers the region and how it supports ADNIC’s strategic expansion goals. The combination of ADNIC’s long history in the region and the reputation as the reliable insurer coupled with Talbot’s international underwriting expertise will generate the proper synergy for the new organisation to prosper.”
Nicholas Hales, Head of Business Development at Talbot, added: “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.”
Samir Abdul Ahad, Chief Executive Officer of Underwriting Risk Services Middle East, concluded that: “We are very pleased to be able to set up our operational base in DIFC that is undoubtedly reckoned as a world class facility to do business from. Talbot and ADNIC are two reputed names in the insurance industry and URSME will contribute to the growth and development of the MENA region insurance industry and be able to create new opportunities to strengthen the handling of specialty risks.”
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