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.”
LAWANDTAX-NEWS.COM
