Abu Dhabi National Insurance Company (Adnic) has announced that it had established a regional managing agency with the aim to expand its commercial insurance business across the MENA region.

The sources said that the new unit, Underwriting Risk Services - Middle East (URSME), will be based in the Dubai International Financial Centre (DIFC).

The sources further added that the agency is a joint venture between Adnic and Talbot Underwriting, a wholly-owned arm of Validus Holdings, and functions in the Lloyd's of London insurance market through Syndicate 1183.

URSME will provide clients in the Mena region facultative reinsurance products across a number of lines of business.

While commenting on the occasion, Khalifa Mohamed Al Kindi, Chairman of Adnic, stated, "We see many similar traits between Adnic and Talbot in terms of their willingness to offer innovative insurance solutions to the Middle East and North Africa, and the DIFC is an important venue for both organisations to optimise their potential."