Underwriting Risk Services gets DIFC licence
Dubai, October 18, 2009
Underwriting Risk Services (Middle East) Limited, the JV of Abu Dhabi National Insurance Company (Adnic) and Talbot Underwriting, has won a licence to operate from the Dubai International Financial Centre (DIFC).
Talbot Underwriting is a wholly owned subsidiary of Bermuda-based Validus Holdings, which operates in the Lloyd's of London Insurance Market. Talbot Underwriting operates at Lloyd's through Syndicate 1183 and focuses on a number of specialty risks. Syndicate 1183 has capacity of £400 million for the 2009 year of account.
Adnic is a leading provider of insurance in the region since 1972.
Adnic and Talbot have created URSME as a managing general agency based in Dubai.
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.
'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,' stated Dr Omar Bin Sulaiman, Governor of the DIFC and vice-chairman of the UAE Central Bank.
“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,” said Walid Sidani, chief of Adnic.
“The regional insurance market is bound to grow and expand significantly and we would like to be an active participant. Our partners and customers will be able to experience world class services,” added Samir Abdul Ahad, chief of Underwriting Risk Services Middle East.-TradeArabia News Service