Talbot Underwriting, Ltd., a wholly owned subsidiary of Validus Holdings, and Abu Dhabi National Insurance Company (ADNIC), a prominent insurance company in the UAE, announced today that they are ceasing their Joint Venture business “Underwriting Risk Services (Middle East) Ltd.”, which was established in the Dubai International Financial Center (DIFC) in 2009.
The bulletin explained that after “three years of a highly successful relationship both parties understand that the strategy behind the formation of URSME has been overtaken by ADNIC’s success in building its business for its own account throughout the United Arab Emirates and other parts of the Middle East and North Africa. Further, the need for Lloyd’s security is neither as frequent nor of the scale that was originally envisaged.”
Talbot’s CEO Rupert Atkin, commented, “We are grateful to ADNIC who allowed us to develop a better understanding of the region through their guidance and support. We wish to further strengthen this relationship going forward in addition to developing relationships with other companies in the region.”
ADNIC’s CEO Walid Sidani added: “The JV with such a reputed Lloyd’s underwriter as Talbot helped us realize the immense insurance risk potential that is available across the MENA region. Accordingly, we are able to steadily enhance our risk appetite and leverage our underwriting and financial strengths to participate on selected risks in line with our regional aspirations.
“Having Samir Abdel Ahad, ADNIC Deputy CEO for Marine & Aviation, to serve as the Senior Executive Officer for this JV provided the needed level of solid stewardship to ensure that each partner optimized their corporate brand during the journey”.
Talbot said it “wishes to continue to trade in the DIFC as Talbot Underwriting (MENA) Ltd, subject to DIFC approval, and build on the business it has attracted to date, including that which ADNIC has provided. Talbot has sought, and received, the appropriate DFSA approval for the change of corporate control of the company.”
The company also indicated that it “wishes to maintain an ongoing commitment to the MENA region and will continue to support its partners and clients.
Source: Talbot Underwriting
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