Abu Dhabi National Insurance Company (Adnic) has renewed the memorandum of understanding (MoU) with Schlumberger Group, a global supplier of technology solutions to the customers in the oil and gas sector.

Under the terms of the agreement, Adnic will provide insurance and reinsurance coverage for Schlumberger’s regional oil and gas operations. The MoU was signed by Adrian Latimer, risk manager, Schlumberger Group; Ahmad Idris, chief executive officer of Adnic; and Rory McLeay, managing director, JLT International Network.

“The renewal of this contract with Schlumberger is an acknowledgment of Adnic’s position as one of the leading insurers and reinsurers for the regional oil and gas industry. As an international leader with significant and long-term interests in the regional oil and gas sector, Schlumberger has complex risk management needs, which Adnic is able to provide due to its operational and underwriting capabilities,” said Idris.

“As an Insurer, we have a prudent and selective approach towards underwriting corporate and industrial risks. The quality and nature of Schlumberger’s assets in the UAE and across the region make it a strategic contributor to our regional portfolio,” Idris said.

Latimer said: “We are delighted to continue our long and successful insurance relationship with Adnic, a leading insurer in the region and a company that has supported our business for 19 years.  It is important to us to be able to access reliable and stable insurance capacity year after year, and to work with insurers who understand our business.” – TradeArabia News Service