Talbot And Markel’s Joint D&O Binder
Talbot Underwriting Ltd, a wholly owned subsidiary of Validus Holdings, Ltd, has joined forces with Markel International, the specialist insurer, to provide expertise and knowledge of the Middle East and Africa [MEA] marketplace via an increased level of D&O capacity in the region.
As two leading insurers of D&O risks in the Lloyd’s Dubai market, Talbot and Markel have extensive expertise writing D&O risks. As part of this facility, the binder will be able to provide capacity up to a maximum of USD $30 million per risk, offering an alternative to other markets in the region.
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.
Rajul Gohil, Regional Head of Financial Lines at Talbot Underwriting [MENA] Ltd., said: “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.
“There is a growing demand for this product in the MEA region and we believe this offering will benefit any clients/cedants that require expertise and understanding of D&O exposures. For our clients, substantial additional capacity from insurers that really understand their needs, especially in the local marketplace, will undoubtedly be welcome.”
James Hastings, managing director of Markel’s professional and financial risks division, added, “We opened our office in the DIFC because, with the development of Lloyd’s in Dubai, we saw more business being placed locally and wanted to take advantage of that trend. Our partnership with Talbot now gives us opportunity to do that on D&O risks in the broad region serviced by the Dubai platform.”
This last paragraph says it all. O.B.A. are attracting big dollars! i.e.James Hastings, managing director of Markel’s professional and financial risks division, added, “We opened our office in the DIFC because with the development of Lloyd’s in Dubai we saw more business being placed locally and wanted to take advantage of that trend. Our partnership with Talbot now gives us opportunity to do that on D&O risks in the broad region serviced by the Dubai platform.”