Talbot Ends Abu Dhabi Joint Venture
Talbot Underwriting, Ltd., a wholly owned subsidiary of Bermuda’s Validus Holdings, Ltd., and Abu Dhabi National Insurance Company [ADNIC], one of the leading insurance companies in the United Arab Emirates, announced today [Mar.13] that they are ceasing their joint venture business Underwriting Risk Services Middle East Ltd. [URSME], which was established in the Dubai International Financial Center in 2009.
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.
Rupert Atkin, Chief Executive Officer at Talbot 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.”
Walid Sidani, Chief Executive Officer of ADNIC stated, “The jopint venture 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.”
He further added, “having Samir Abdel Ahad, ADNIC Deputy CEO for Marine & Aviation, to serve as the Senior Executive Officer for this joint venture provided the needed level of solid stewardship to ensure that each partner optimized their corporate brand during the journey”.
Talbot 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.
Talbot wishes to maintain an ongoing commitment to the MENA region and will continue to support its partners and clients.
Talbot Holdings Ltd was established in November 2001 and operates primarily within the Lloyd’s insurance market through Syndicate 1183. It was acquired by NYSE listed, Bermuda-based Validus Holdings, Ltd. in July 2007.
Syndicate 1183 focuses on underwriting a number of specialty risks, with particularly strong franchises in marine, aviation, transport, energy, terrorism, political risk, accident and health, construction, contingency, financial institutions, property and treaty reinsurance. Syndicate 1183 has capacity of £600 million for the 2012 year of account.
Validus Holdings, Ltd is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd.and Talbot Holdings Ltd. Validus Re is a Bermuda based reinsurer focused on short-tail lines of reinsurance.
