Talbot Underwriting Ltd., a wholly owned subsidiary of Validus Holdings Ltd., has joined forces with specialist insurer Markel International to provide a facility for directors and officers risks in the Middle East and Africa (MEA) marketplace.
Offered through Lloyd’s Dubai, the binder will be able to provide capacity up to a maximum of $30 million per risk, said the companies in a statement.
“Lloyd’s of London was the first market to introduce an insurance policy to protect directors and officers from claims in the wake of the Great Depression in the 1930s, and the wording has since evolved to become the standard for many insurers,” the statement said.
The companies noted they are leading D&O insurers in the Lloyd’s Dubai market and have developed extensive expertise in this line.
“This new facility can be accessed by any licensed broker or insurance company in the MEA market, including Turkey and India, and will play an important role in attracting more business to Lloyd’s Dubai,” said Rajul Gohil, regional head of Financial Lines at Talbot Underwriting (MENA) Ltd.
“There is a growing demand for this product in the MEA region, and we believe this offering will benefit any clients/cedents that require expertise and understanding of D&O exposures,” Gohil said, noting that the facility will provide substantial additional capacity from insurers that really understand their local needs.
“We opened our office in the DIFC [Dubai International Financial Centre] because, with the development of Lloyd’s in Dubai, we saw more business being placed locally and wanted to take advantage of that trend,” said James Hastings, managing director of Markel’s professional and financial risks division.
“Our partnership with Talbot now gives us opportunity to do that on D&O risks in the broad region serviced by the Dubai platform,” Hastings added.
About Talbot Underwriting and Markel
Talbot Underwriting Ltd. operates within the Lloyd’s insurance market through Syndicate 1183, which focuses on specialty risks such as marine, aviation, transport, energy, terrorism, political risk, accident and health, construction, contingency, financial institutions, property and treaty reinsurance.
Markel International writes insurance and reinsurance business through eight divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Syndicate 1400, Markel Resseguradora do Brasil S.A. and Markel International Insurance Co. Ltd.
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